Bengaluru-based healthtech startup MFine has raised $48 Mn in its series C round, co-led by Moore Strategic Ventures and BEENEXT. The investment round also saw participation from Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners and others.
The startup said that fresh infusion of capital will help it expand its hospital, diagnostics and e-pharmacy network across the country, and build tech-driven care delivery products for both acute and chronic conditions patients. The startup also plans to partner with insurance companies to provide financial solutions to users.
The fresh round of investment comes months after it raised $16 Mn in January this month from Heritas Capital and Singapore-based family office of YS investment. Back then, the startup had said it will utilise the capital to triple its investment in AI development, mobile engineering and device integration. The startup had closed its Series B round worth $17.2 Mn in 2019 from SBI Investment, SBI Ven Capital and BEENEXT. Existing investors, Stellaris Venture Partners and Prime Venture Partners. The startup has raised close to $86 Mn from investors to date.
Founded in 2017 by Ashutosh Lawania and Prasad Kompalli, MFine is an on-demand healthcare platform that provides users access to virtual consultations and connected care programmes from major hospitals in the country.The startup claims its users can consult doctors from their preferred hospitals through chat or video to get prescriptions and/or routine care. Users can also book routine lab tests, medicine delivery and access comprehensive health packages on the platform.
The startup claims that since its inception, over 3 Mn users have used MFine services with over 300K monthly transactions that include doctor consultations, diagnostic tests, epharmacy and in-patient procedures. The startup in 2018 added laboratory and diagnostic services to its platform and at present provides access to more than 700 diagnostic centres across 400 cities in India. MFine claims that around 100K users use MFine for booking diagnostic tests every month.
MFine pits against the likes of Pharmeasy, Reliance-backed Netmeds, Medibuddy, among others. As per a Inc42 Plus report, India’s ehealth market is expected to witness significant growth due to increase in internet penetration and rapid digital transformation induced by the COVID-19 lockdowns. At present, the report highlighted that India has over 5,295 healtech startups and the healthtech market is expected to touch $21.3 Bn by 2025, which is 3.3% of the total addressable healthcare market which is estimated to reach $638 Bn in 2025.