Bengaluru, Sep 29: Healthtech startup MFine on Wednesday announced it has raised $48 million (about Rs 356 crore) in Series C funding co-led by Moore Strategic Ventures and BEENEXT with participation from existing investors.
The startup said the new funds will help it invest in expanding its hospital, diagnostics, and e-pharmacy network across the country and building tech-driven care delivery products for both acute and chronic conditions patients.
“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 and cofounder, MFine.
Existing investor Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritage Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital also participated in the round.
Since its inception, over 3 million users have used MFine services with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy, and in-patient procedures.
Over 1 lakh people use MFine for booking diagnostic tests every month.
MFine said it is growing 15 percent month on month, amid exponential adoption of telemedicine and digital health in India since the onset of the pandemic and an increase in the adoption of digital health among Indians.
The $120 billion-worth health delivery market in India is fast moving towards digitization, and similar to other sectors like payments, banking, and education, technology players are building digital-first services and vying for a significant share of the market.
In the coming months, the startup will also bring innovative financial solutions for users together with insurance partners.