MFine, an Indian health-care startup, has reportedly raised USD 16 million from a funding round that was led by Singapore-based private equity firm Heritas Capital. Sources with knowledge of the matter stated that the funding round also witnessed participation from Alteria Capital, BEENEXT, SBI Ven Capital, SBI Investment, as well as Y’S Investment Pte Ltd.
MFine intends to improve its position in providing an AI-driven and on-demand healthcare service in India using these fresh investments. The company is also aiming to become the largest virtual hospital with facilities in primary care, secondary care, and chronic care management in partnership with its trusted associates, sources cited.
The funding will also be used to scale up the programs recently introduced by MFine, such as drug distribution, preventive health screening, and diagnostic testing.
Notably, over one million users have used the MFine app since the outbreak of COVID-19 for teleconsulting physicians on chronic conditions such as diabetes and arthritis and acute diseases, including viral infections, and for various services such as health tests, e-pharmacy, diagnostics, and radiology.
In this context, Prasad Kompalli, CEO at MFine reportedly stated that 2020 has been a significant year for the company. He added that the imposition of social distancing measures and strict lockdowns allowed MFine to offer essential healthcare services to millions of people.
MFine had extended its geographical reach to serve people from over 1,000 Indian cities in 2020 and introduced various new services including AI-based self-assessment of different health conditions, long-term care programs for chronic conditions, and membership to benefit corporates as well as its direct consumers.
Chik Wai Chiew, Heritas Capital Executive Director, and CEO mentioned that MFine’s collaborative partnership model with doctors and hospitals facilitated by A.I. technologies will allow smart optimization of inadequate healthcare resources to meet demands throughout India and beyond.
As per credible sources, the firm will also conduct a Series C funding round in the upcoming months. In 2019, in a Series B fundraising, MFine had raised USD 17.2 million.
Source Credit –