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.
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.