Indian healthtech startup MFine lands $16m in Heritas Capital-led round

India-based healthtech startup MFine announced it has raised US$16 million in a new financing round led by Heritas Capital.

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

The company was also backed by the Singapore-based family office of Y’S Investment. Existing investors including SBI Investment, SBI Ven Capital, Beenext, and Alteria Capital also participated in the round.

Founded in 2017, MFine is an artificial intelligence-driven platform that provides access to virtual consultations and connected care programs from different hospitals. The app-based platform’s users can consult with doctors from their preferred hospitals through chat or video and get prescriptions as well as receive routine care. They can also book routine lab tests, have medicine delivered, and access comprehensive health packages through the application.

Funds raised from the round will be used for tripling MFine’s investments in artificial intelligence, mobile engineering, and device integration. It will also expand its hospital network across the country and scale its recently launched services, which include medicine delivery, preventive health screenings, and diagnostic tests.

“The year 2020 has been very significant for us. During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people access essential healthcare services,” said Prasad Kompalli, CEO and co-founder of MFine. “We are seeing incredible traction on [both] the provider and consumer side.”

The company claims to have grown 10x amid a rise in the adoption of telemedicine and digital health in India in 2020, boosted by the Covid-19 pandemic. It will also initiate its series C fundraising in the coming months.

Earlier in April 2019, MFine raised US$17.2 million in a series B funding round from SBI Investment, SBI Ven Capital, and Beenext.

India’s healthtech market is expected to hit US$21 billion by 2025, according to a report by ClearTax Chronicles.