Beenext co-leads $48m round of Indian healthtech startup

MFine, an Indian digital health startup, has raked in US$48 million in a series C round co-led by Singapore venture capital firm Beenext and US-based Moore Strategic Ventures.

the Indian firm’s existing investors, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment, and Alteria Capital, also participated in the round.

Ashutosh Lawania (left) and Prasad Kompalli, co-founders of MFine / Photo credit: MFine

Prasad Kompalli, MFine’s CEO and co-founder, told Tech in Asia that the startup is witnessing a 15% month-on-month growth in terms of transactions and revenue as telemedicine and digital health have been adopted more rapidly by users in India since the onset of Covid-19.

The company stated that the pandemic has pushed companies to invest in employee health benefits. Last year, this led to strong growth in demand for its corporate subscription product, which the firm said has so far enrolled over 500,000 workers.

“The Indian Government too is playing it role in standardizing and democratizing access to data and healthcare services for all the citizens via the national digital health mission,” the chief executive added.

MFine is an AI-backed healthcare platform that gives users access to virtual consultations and care programs from India’s top hospitals. Patients can also get prescriptions and book lab tests through the company’s mobile app.

The startup was founded in December 2017 by Kompalli and Ashutosh Lawania, who were later joined by Ajit Narayanan and Arjun Choudhary.

MFine said it has garnered over 3 million users who carry out more than 300,000 monthly transactions on its platform. The startup currently provides access to over 700 diagnostic centers across 400 cities in India.

“We will continue to invest in deeptech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors,” said Kompalli, CEO of MFine. Earlier this year, the startup launched an app-based blood oxygen saturation-monitoring tool, which has since been used by 250,000 Indians.

MFine is looking to build a network of 5,000 hospitals and diagnostic centers network over the next 18 months to 24 months, Kompalli added.

In January, the startup announced that it had raised US$16 million in a round led by Heritas Capital. MFine said at the time that it would use the raised capital to triple its investments in AI, mobile engineering, and device integration.