Main Highlights
- MFine raises $48M in Series C round led by Moore Strategic Ventures and BEENEXT.
- With this financing, the firm intends to construct one of the world’s largest virtual hospitals and employ AI and mobile technology to make high-quality healthcare more accessible and effective.
- MFine now boasts over three million members and promises to handle over 300,000 weekly transactions.
- Consultations with doctors, diagnostic testing, e-pharmacy, and in-patient treatments are all part of this.
Moore Strategic Ventures and BEENEXT led a $48 million Series C funding round for digital healthcare startup MFine, with participation from existing investors Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.
How will MFine use the funds?
With this financing, the firm intends to construct one of the world’s largest virtual hospitals and employ AI and mobile technology to make high-quality healthcare more accessible and effective. MFine is now utilizing AI to help doctors make clinical decisions, as well as to bring vitals monitoring and health management to customers’ cell phones.
The latest round of funding will help MFine enhance its digital health leadership by investing in extending its hospital, diagnostics, and e-pharmacy network across the country and developing tech-driven care delivery products for patients with acute and chronic illnesses. In a news release, Prasad Kompalli, CEO and Co-founder of MFine, stated, “In the healthcare industry, the world has moved to a new normal, and we are seeing a sharp increase in the adoption of digital health in India as well.”
“We will continue to invest in cutting-edge technology to convert every smartphone into a health companion for consumers and a decision-making tool for all doctors. We will also seek to expand our network across India and make our services more broadly available.” He said that they are very enthusiastic about the future of digital health in India and look forward to working with their partners, investors, and the government to grow and expand this further.
MFine now boasts over three million members and promises to handle over 300,000 weekly transactions. Consultations with doctors, diagnostic testing, e-pharmacy, and in-patient treatments are all part of this. BEENEXT Managing Partner Hero Choudhary stated, “MFine’s concept, which combines AI technology with a robust provider network, is powerful in offering on-demand healthcare services and altering the way we think about care delivery for millions around the world.”
They see significant demand from customers seeking an integrated care experience, and MFine has developed the proper platform to offer that experience with cutting-edge technology and a rapidly expanding provider network. The healthcare platform is expanding at a rate of 15% per month and is aggressively investing in technology to make the telemedicine experience much easier and more effective for quality care delivery. MFine also introduced an app-based SPO2 (blood oxygen saturation) monitoring tool in early 2021, allowing users to keep track of their oxygen saturation levels without the usage of any extra equipment.
Since then, 250,000 people have utilized the program, and thousands more use it on a regular basis. MFine will be expanding the tool to assess heart rate and blood pressure in the coming months.
“The strong uptake and participation on MFine’s platform speak words about the urgent need for such a service not only in India but also internationally,” Hero said. We are thrilled to be working with MFine as they continue to transform healthcare in India.”
Virtual doctor consultations
In October 2018, the firm added another layer to its virtual doctor consultations by connecting with laboratory and diagnostic services, giving its consumers access to over 700 diagnostic centers in 400 locations throughout India. Every month, over 100,000 customers book diagnostic tests with MFine. On MFine, over 6000 physicians, including some of India’s best doctors from over 700 reputable hospitals, operate across 35 specialties and serve millions in over 1000 locations across India.
The MFine Corporate subscription product has seen significant growth in the last year, with many corporates offering a variety of benefit programs that include online doctor consultations, preventive health checks, mental health consultations, and chronic condition management for employees and their families.
Over 500 corporations have joined together with MFine to provide a wide range of services to over 500,000 workers. In the following months, the firm will also collaborate with insurance companies to provide new financing options for consumers.