Digital health startup MFine announced a $48 million Series C funding round on Wednesday, September 29. The funding was co-led by Moore Strategic Ventures and BEENEXT 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. The Bengaluru-based MFine said the new round of funding will help the company make investments into expanding its hospital, diagnostics and e-pharmacy network across the country and building tech-driven care delivery products for patients.
MFine also said that it aims to build one of the largest virtual hospitals in the world and will make high-quality healthcare more accessible and effective with the use of AI and mobile technologies. To do this, the company said that it is enabling clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones.
In October 2018, MFine integrated with laboratory and diagnostic services and currently provides its users access to more than 700 diagnostic centres across 400 cities in India. The company said over 100,000 users use MFine for booking diagnostic tests every month.
MFine said that it is growing 15% month on month, especially since the onset of the COVID-19 pandemic, which has led more and more people in India to adopt digital health services like teleconsultations etc.
Since its inception in 2017, MFine claims that over 3 million users have used its services with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.
In early 2021, MFine launched an app-based SPO2 (blood oxygen saturation) monitoring tool which enables users to keep track of their oxygen saturation levels without needing an additional device. In the coming months, MFine said it will be extending the tool to measure heart rate and blood pressure too.
“In the healthcare sector, the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely,” said Prasad Kompalli, CEO & cofounder, MFine.