Health tech startup MFine bags $48M in Series C funding
Indian digital health startup MFine has netted $48 million in a Series C investing round co-led by New York-based Moore Strategic Ventures and venture capitalist BEENEXT from Singapore.
The funding round was also joined by Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.
Since its inception in late 2017, the company has raised about $75 million in equity and debt.
WHAT IT’S FOR
MFine operates an online platform with over three million users accessing online doctor consultations, diagnostic tests, digital pharmacies and in-patient procedures.
According to a news report, MFine will use its fresh funds to expand its network of hospitals, diagnostic centres and e-pharmacies in India and build technology-driven care delivery products for both acute and chronic disease patients.
At present, over 6,000 doctors across 35 specialities carry out services via MFine; the app also provides users access to more than 700 diagnostic centres across 400 Indian cities.
THE LARGER TREND
In April, MFine introduced its mobile app-based blood oxygen saturation monitoring tool that uses a smartphone’s flash and camera in detecting blood volume changes from a user’s fingertip. In the coming months, the company said it plans to expand the app’s capability to also measure heart rate and blood pressure.
Also over the next months, the startup, together with insurance partners, will bring financial solutions for its corporate users, though not much details about the forthcoming offering were disclosed. MFine has a corporate subscription product that provides clients’ employees and their families access to online health consultations, mental health counselling, preventive health check and chronic disease management.
ON THE RECORD
“We will continue to invest in deep tech[nology] 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. We are very excited about the future of digital health in India and we look forward to working with our partners, investors and the government to build and scale this further,” MFine co-founder and CEO Prasad Kompalli said.