Indian telehealth platform MFine has raised $34 million in its Series C funding round backed by existing investors Heritas Capital, family office Y’S Investment, SBI Investment, and BEENEXT, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.
Private equity investor 57 Stars and Seabright also participated in the funding round that brings the company’s total funds raised to date to $56 million. The round also valued MFine at close to $120 million, per DealStreetasia’s calculations.
BEENEXT, a Singapore-based venture capital firm, pumped in a total of nearly $10 million in the Series C round while US-based 57 Stars invested $7 million.
Heritas Capital, which has also invested in Singapore biotech startup Hummingbird Bioscience and biopharma firm Tessa Therapeutics, contributed $8 million to the round. About $6 million came from VC investor SBI Ventures.
MFine, founded in 2017, is an artificial intelligence-enabled on-demand healthcare platform that provides users with virtual consultations. It raised $16 million in January in a bridge round led by Heritas Capital and Y’S Investment.
The telemedicine startup claims to be connected to over 4,000 doctors across 35 specialties. According to the company, since the COVID-19 hit, more than one million users have used its platform to consult with doctors remotely.
Last year, MFine launched new services including AI-based self-assessment of various health conditions and expanded its coverage beyond key cities to more than 1,000 towns in India.
The startup’s latest funding comes as demand for health tech startups in India significantly grew in the past few months due to the nationwide lockdown and social distancing norms. 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 traction.
In June, telemedicine platform Truemeds announced raising $5 million as part of its Series A funding round led by InfoEdge Ventures, Asha Impact, and Indian Angel Network Fund.
According to data available with research firm Venture Intelligence, private equity and venture capital firms have invested $1.14 billion in healthtech startups since 2018.