Health startup MFine raises $16 million

Health tech platform MFine has raised $16 million in a new funding round led by Heritas Capital fund along with the Singapore-based family office of Y'S Investment, the company said on January 18.

Existing investors—SBI Investment, SBI Ven Capital, Beenext and Alteria Capital—also participated in the round that comes in the backdrop of massive business growth reported by health tech platforms during the coronavirus pandemic. The platform has reportedly grown ten times in 2020.

"Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by two years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack," said Prasad Kompalli, cofounder, MFine.

MFine, which in 2019 raised its series B round of $17.2 million, will use the fresh funds to strengthen its leadership team and its technology platform to create a virtual hospital network for its users.

The company will increase its investments in technology by three times and expand its network of doctors and hospitals with these funds, it said in a note.