New entity from merger of India’s MFine with diagnostic firm nets $80m

MFine, an India-based healthtech platform, has merged with the diagnostic unit of stem-cell firm LifeCell to create a new platform called LifeWell, Entrackr reported.

LifeWell has secured US$80 million in a funding round led by US-based OrbiMed Advisors to develop a full-stack diagnostic health platform. The merger comes after MFine dismissed 50% of its staff in May.

Combined, LifeCell’s diagnostic arm and MFine have a 6 million-strong user base, with users doubling every year. Meanwhile, LifeCell aims to get over 50 million users within the next four years.

MFine was founded in 2017 by Ashutosh Lawania and Prasad Kompalli, while LifeCell was established by Mayur Abhaya in 2004.

Though MFine’s valuation hit the US$450 million to US$500 million range during its previous round, the company lost US$12.8 million against an operating revenue of US$1.62 million in 2021.

As part of similar M&A activities in India, Pristyn Care acquired Lybrate in June while MediBuddy merged with DocsApp in 2020.

See also: Health is wealth for India’s Goqii – The Executive Brief