Indian digital health startup MFine raises $48m Series C led by Moore Strategic, BEENEXT

Source: The National Cancer Institute/Unsplash

India’s digital health startup MFine announced a $48-million Series C funding round co-led by Moore Strategic Ventures and Singapore-based venture capital firm BEENEXT, according to a company statement.

DealStreetAsia first reported this development based on the company’s regulatory filings accessed by DealStreetAsia – DATA VANTAGE.

Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd and Alteria Capital also participated in this round.

With the proceeds, MFine aims to build one of the largest virtual hospitals in the world and make healthcare more accessible and effective with the use of AI and mobile technologies.

Founded in 2017, MFine is an AI-driven, on-demand healthcare platform that provides its users access to virtual consultations and connected care programmes from the country’s top hospitals.

Since its inception, MFine has had over 3 million users with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.

The company claims that it is growing 15% month on month, amidst exponential adoption of telemedicine and digital health in India since the onset of the COVID-19 pandemic. In the coming months, the company plans to offer innovative financial solutions for users together with insurance partners.

In January, MFine raised $16 million in fresh funding in a bridge round, led by Singapore-based investor Heritas Capital and family office Y’S Investment. The digital health startup had raised $17.2 million in its Series B round in April 2019.

“In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. 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,” said MFine CEO and co-founder Prasad Kompalli.

The $120-billion health delivery market in India is fast moving towards digitalisation, 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, according to the statement.

In India, with the doctor-patient ratio in the country standing at an abysmally low level of 1:1400, telehealth is one segment that is witnessing increased deal traction.

In June this year, digital healthcare platform DocsApp merged its operations with MediBuddy to cater to a larger consumer segment. Meanwhile, telemedicine platform Truemeds raised $5-million Series A funding round led by InfoEdge Ventures, Asha Impact, and the Indian Angel Network Fund.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.