Bengaluru-based digital health startup MFine raises $16 million in a new funding round led by Heritas Capital with participation from Singapore-based family office of Y’S Investment Pte Ltd. Existing investors SBI Investment, SBI Ven Capital, BEENEXT and Alteria Capital also invested in the round. The new funding round was oversubscribed, which was due to MFine’s strong year with the company achieving 10x growth amidst exponential adoption of telemedicine and digital health in India in 2020.
MFine has over 4,000 doctors from 600 reputed hospitals covering 35 specialties on the platform. The company provides users with on-demand access to quality medical care even as COVID-10 hindered delivery of routine healthcare to chronic patients from remote locations. Since COVID-19, more than one million users have utilized MFine’s platform to teleconsult with doctors on chronic conditions such as diabetes and arthritis and acute illnesses including viral infections, and for varying services including diagnostics, health checks, radiology and e-pharmacy.
“The year 2020 has been very significant for us. During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people with access to essential healthcare services. We are seeing incredible traction on the provider and consumer side. Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by 2 years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack. India is on the cusp of redefining healthcare delivery and we are actively engaged in shaping and leveraging this big shift,” said Prasad Kompalli, Co-founder & CEO of MFine.
In 2020, MFine expanded its reach and strengthened its online presence serving over 1,000 towns in India. It also launched new services such as AI-based self-assessment of various health conditions, long term care programs for chronic conditions and membership to offer benefits on all the services for its direct consumers and also corporates.
With this fresh funding, MFine plans to reinforce its leading position in delivering an AI-driven, on-demand healthcare service across India, and aims to be one of the largest virtual hospitals in the world with services across primary care, secondary care and chronic care management in collaboration with its trusted partners. MFine will deploy the funds towards tripling its investments in AI, mobile engineering and device integration; expanding its hospital network across the country; scaling the recently launched services which include delivering medicines, preventive health screenings and diagnostic tests.
“MFine has developed a compelling solution that has proven to be highly impactful during this pandemic to ensure continued and trusted access to quality and affordable healthcare services. We believe that MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimization of limited healthcare resources to address unmet needs throughout India and beyond,” said Chik Wai Chiew, CEO & Executive Director of Heritas Capital.
“This is a great example of how mobile connectivity and advances in technology can aid in providing primary health care to millions of people. We see huge potential MFine’s state-of-the-art AI and mobile technology platform and its ability to scale beyond India as COVID-19 has accelerated the use of telemedicine and digital health in India and other regions in SEA,” Yoshitaka Kitao, Representative Director & Chairman of SBI Investment.
“MFine has pioneered the access to top-class, trusted medical care in India. Despite 2020 being a difficult operating year, the MFine team has demonstrated its strong execution capability to add new capability, launch new offerings, accelerate traction while achieving strong economics. We are excited to continue backing the MFine team to create a large, world class healthcare company with deep positive impact,” said Teruhide Sato, Founder & Managing Partner of BEENEXT.
The company will also initiate Series C fund raising in the coming months.