MFine raised $48 million as part of its Series C fund raise. According to sources, MFine, an on-demand healthcare platform based in Bangalore, has raised $48 million in a Series C round co-led by Moore Strategic Ventures and BEENEXT, valued at more than $450 million, sources say.
It has been announced that Moore Strategic Ventures and BEENEXT have co-led the Series C round of funding for digital health platform MFine, and the investment is worth $48 million.
Additionally, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital Inc. also participated in the round.
In order to expand its hospital network, diagnostics network, and e-pharmacy network across the country, the company will use the proceeds of the new round of funding to build tech-driven care delivery products both for acute conditions and chronic conditions.
Heritas Capital led this year’s venture round that raised $16 million for the company, a round that the company participated in earlier this year.
Individuals familiar with the discussions told Mint that the company is expected to be valued somewhere between $450 million and $500 million at the end of this fundraise.
This startup has been operating for four years, and is an on-demand healthcare platform that provides users with access to virtual consultations with doctors via live video or chat chat sessions. In addition to booking lab tests and ordering medicine, users can also access comprehensive health packages through the app as well as book routine lab tests.
We are witnessing a steep increase in digital health adoption in India too as a result of the change in the healthcare sector has gone from a normal to a new normal. Our long-term goal is to invest heavily in deep technology in order to turn every smartphone into a health companion and a decision support tool for doctors as well. Prasad Kompalli, chief executive officer and cofounder of MFine, said, “In addition to expanding our network in India, we will also make our services available to as many people as possible.”
According to MFine, over 3 million transactions have been processed since the company was founded, with over 300,000 transactions taking place daily, including doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.
A new layer of functionality has been added to the virtual doctor consultations offered by MFine by enabling the integration of laboratory and diagnostic services. Currently, it claims to be able to provide users with access to over 700 diagnostic centers across more than 400 cities across the country.
“MFine’s model, which brings together Artificial Intelligence technology with a strong provider network, is extremely powerful in delivering healthcare services on-demand and changing the way millions around the world think about health care delivery. MFine has built a platform that has been designed specifically to deliver an integrated care experience to consumers, and, as a result, we are seeing a huge demand from consumers seeking a more integrated care experience,” said Hero Choudhary, managing partner, BEENEXT.
It is estimated that more than 100,000 users book diagnostic tests on MFine every month, according to the company. Over 6,000 doctors are practicing on MFine’s platform across 35 specialties, and they come from over 700 hospitals.
As part of the company’s corporate subscription program, the company also offers businesses the ability to offer their employees online doctor consultations, preventive health checks, mental health consultations, and chronic condition management services, including the ability to manage chronic conditions online.
At present, the company has over 500 corporate partners who are part of its subscription product, which covers approximately 500,000 employees as a part of the company’s platform.
Additionally, the company is looking to develop a financial solution that it will be able to offer to users in association with insurance partners as part of its overall product offering in the coming months.