MFine, a digital health startup, has raised $16 million in a new funding round, led by Heritas Capital and which saw participation from Singapore-based family office of Y’S Investment Pte Ltd.
Existing MFine investors including SBI Investment, SBI Ven Capital, Beenext and Alteria Capital also participated in the round.
MFine will deploy the funds for tripling its investments in Artificial Intelligence (AI), mobile engineering and device integration, expanding its hospital network across the country, scaling its recently launched services which include delivering medicines, preventive health screenings and diagnostic tests, the company said in a statement.
It claims to have achieved 10 times growth amid high adoption of telemedicine and digital health in India in 2020.
E-health startups have been witnessing sharp growth over the past few months as the pandemic-induced lockdown and social distancing have prompted customers to switch to online channels for consultation, treatment, booking medical tests, and medicine delivery.
With over 4,000 doctors covering 35 specialties on the platform, MFine provides users with on-demand access to quality medical care. Since covid-19, more than 1 million users have utilised MFine’s platform to tele-consult with doctors on chronic conditions such as diabetes, arthritis, and acute illnesses including viral infections, and for varying services including diagnostics, health checks, radiology and e-pharmacy.
“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,” said Prasad Kompalli, co-founder and chief executive, MFine.
Last year, the company expanded to over 1,000 towns and launched several services such as AI-based self-assessment of various health conditions, long-term care programmes for chronic conditions and membership offering benefits on all services for its direct consumers and also corporates.
Mfine said it will also initiate Series C fundraising in the coming months.
“…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.
In 2020, telemedicine was the top-funded category globally, and led venture capital funding activity with $4.3 billion, clocking a 139% year-on-year increase. Global venture capital funding in digital health came to $14.8 billion, a 66% rise, as per Mercom Capital’s annual report on the digital health sector for 2020.
