Health startup MFine raises $16 million in a bridge round
The company will use the funds to strengthen its leadership team and technology platform to create a virtual hospital network for its users
January 18, 2021 / 05:52 PM IST
Health tech platform MFine has raised $16 million in a new funding round led by Heritas Capital fund along with the Singapore-based family office of Y’S Investment, the company said on January 18.
Existing investors—SBI Investment, SBI Ven Capital, Beenext and Alteria Capital—also participated in the round that comes in the backdrop of massive business growth reported by health tech platforms during the coronavirus pandemic. The platform has reportedly grown ten times in 2020.
“Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by two years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack,” said Prasad Kompalli, cofounder, MFine.
MFine, which in 2019 raised its series B round of $17.2 million, will use the fresh funds to strengthen its leadership team and its technology platform to create a virtual hospital network for its users.
The company will increase its investments in technology by three times and expand its network of doctors and hospitals with these funds, it said in a note.
With more than 4,000 doctors from 600 hospitals covering 35 specialties on the platform, MFine provides users on-demand access to medical care online. More than one million users have used the MFine platform to tele-consult with doctors on a variety of illnesses such as diabetes, arthritis, viral infections and others.
In 2020 MFine expanded its coverage beyond physical boundaries of the cities to serve people from more than 1,000 towns and launched several new services such as AI-based self-assessment of various health conditions and long-term care programmes for chronic conditions.
“We believe that MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimisation of limited healthcare resources to address unmet needs throughout India and beyond,” said Chik Wai Chiew, CEO & Executive Director of Singapore-based Heritas Capital.