Rajeev
Healthtech startup MFine has successfully raised $48 million in a Series C funding round led by Moore Strategic Ventures and BEENEXT. With support from existing investors, including Stellaris Venture Partners and SBI Group Japan, MFine is on a mission to create India’s largest virtual hospital. The company seeks to enhance healthcare accessibility and effectiveness through AI and mobile technologies.
MFine plans to leverage the funds to expand its services and capabilities. The platform, founded in 2017, has already onboarded over 3 million users, conducting more than 300,000 monthly transactions, including doctor consultations, diagnostic tests, e-pharmacy, and in-patient procedures. The platform collaborates with 700 diagnostic centers across 400 cities in India.
In response to the changing landscape of healthcare, particularly accelerated by the COVID-19 pandemic, MFine has evolved its offerings. Initially focused on online consultations, the platform now provides e-pharma and diagnostic services in collaboration with various hospitals nationwide.
The recent funding will propel MFine’s efforts in clinical decision support for doctors through AI and enable vitals monitoring and health management on users’ smartphones. The company aims to transform every smartphone into a health companion for consumers and provide decision support assistance to doctors.
The health-tech market in India is booming, with a projected 39% CAGR from FY2020 to FY2023, expected to reach $50 billion by 2033, according to a report by RBSA Advisors. MFine, headquartered in Bengaluru, has seen a 15% month-on-month growth, aligning with the surge in telemedicine and digital health adoption in the country.
With a network of 6,000 doctors practicing across 35 specialties from over 700 reputed hospitals, MFine is poised for further expansion. The company aims to make its services widely available, catering to the growing demand for digital health solutions in India’s evolving healthcare landscape.
