MFine raises $48 million in Series C fundraise

BENGALURU: Digital health platform MFine has raised $48 million as part of its Series C round, co-led by Moore Strategic Ventures and BEENEXT.

The round also saw participation from Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd. and Alteria Capital.

The company will use the proceeds from the new round to expand its hospital, diagnostics and e-pharmacy network across the country, while building tech-driven care delivery products for both acute and chronic conditions patients.

The company had raised $16 million as part of a venture round led by Heritas Capital earlier this year.

With the current fundraise, the company is expected to be valued at about $450 million to $500 million, individuals aware of discussions told Mint.

The four-year old startup is an on-demand healthcare platform which provides users access to virtual consultations with doctors via chat or video formats. The app also allows users to book routine lab tests, medicine delivery and access comprehensive health packages.

“In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely,” said Prasad Kompalli, chief executive officer and co-founder, MFine.

Since inception, MFine claims to have served over 3 million clocking over 300,000 monthly transactions including doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.

In October 2018, MFine added another layer to its virtual doctor consultations by integrating with laboratory and diagnostic services. It currently claims to provide its users access to more than 700 diagnostic centres across 400 cities in India.

“MFine’s model, coupling AI technology with a strong provider network, is powerful in providing healthcare services on-demand and changing the way we think about care delivery for millions across the world. We see a huge demand from consumers looking for an integrated care experience and MFine has built the right platform to deliver that experience,” said Hero Choudhary, managing partner, BEENEXT.

Currently, over 100,000 users use MFine for booking diagnostic tests every month, the company said. About 6,000 doctors, from over 700 hospitals practice across 35 specialties on MFine’s platform.

The company also has a corporate subscription product which allows companies to offer online doctor consultations, preventive health checks, mental health consultations and chronic condition management services to their employees.

The company has over 500 corporates partnering with its platform as a part of the subscription product, which covers over 500,000 employees, at present.

In the coming months, the company is also looking to bring financial solutions for users together with insurance partners, as a part of its product offerings.