MFine raises $16 million in funding
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New Delhi: Health-tech startup MFine on Monday said it has raised $16 million (about Rs 117.1 crore) in funding led by Heritas Capital.
The round also saw participation from the Singapore-based family office of Y'S Investment Pte Ltd as well as from existing investors, including SBI Investment, SBI Ven Capital, BEENEXT, and Alteria Capital, a statement said.
MFine has achieved 10x growth amid exponential adoption of telemedicine and digital health in India in 2020, it added. "With this fresh funding, MFine plans to reinforce its leading position in delivering an AI-driven, on-demand healthcare service across India, and aims to be one of the largest virtual hospitals in the world with services across primary care, secondary care, and chronic care management in collaboration with its trusted partners," the statement said.
MFine will deploy the funds towards tripling its investments in AI, mobile engineering, and device integration; and expanding its hospital network across the country, it added. The funding will also be used to scale up MFine's recently launched services like delivering medicines, preventive health screenings, and diagnostic tests.
The company will also initiate Series C fundraising in the coming months, the statement said. MFine had raised $17.2 million in series B in 2019. To date, it has raised $44 million.
The company, however, did not disclose details around valuation. With over 4,000 doctors from 600 reputed hospitals covering 35 specialities on the platform, MFine provides users with on-demand access to quality medical care.
