Indian AI-driven online healthcare startup bags $17.2m in series B round

India-based, artificial intelligence-driven online consultation startup Mfine raised US$17.2 million in a series B round led by Japanese VC firm SBI Group subsidiary SBI Investment.

SBI Group’s Southeast-Asian investment farm, Singapore-based SBI Ven Capital, also participated in the funding alongside BEENEXT and existing investors Stellaris Venture Partners and Prime Venture Partners.

Photo credit: Daniel Frank from Pexels

The startup, which connects customers to doctors through its mobile app, plans to use proceeds from the funding to further expand its hospital network in India. It claims to have served over 100,000 customers from 800 towns in India over the last 15 months, with more than 500 MD/MS doctors from 100 hospitals in its database.

Mfine, founded in 2017, expects that over the next 12 months it will host more than 2,500 doctors from the country’s top 250 hospitals in 10 cities on its virtual hospital platform.

The on-demand healthcare service provider, which pairs its AI system with specialist doctors from partner hospitals to improve efficiency, is also set to further develop its technology. The company says its AI engine currently has the ability to diagnose and triage over 1,200 common diseases.

Mfine also announced plans to develop additional services that will be offered on its platform, such as medicine deliveries, preventive health screening offerings, and diagnostic testing.

Including the current funding round, the startup has raised a total of about US$24 million, according to a statement.