India’s health tech startup MFine raises $16M in latest funding round led by Heritas Capital
Health tech AI startup MFine that has presence in over 1,000 towns in India looks to reinforce its position in AI-driven healthcare service with new funding. It has raised $16m in a new funding round led by Heritas Capital with participation from Singapore-based family office of Y’S Investment Pte Ltd. Heritas Capital is a Singapore-based private equity and venture capital investment firm that invests in companies across the healthcare, education and technology sectors.
Existing MFine investors including SBI Investment, SBI Ven Capital, BEENEXT and Alteria Capital have also followed-on in the round. Back in April 2019, MFine raised $17.2M in Series B funding led by BI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group.
MFine caters to users in the form of virtual consultations and connected care programs. It has onboard over 4,000 doctors covering 35 specialties on its platform. MFine plans to extend its footprint in the virtual hospitals space with services across primary care, secondary care and chronic care management in collaboration with its trusted partners.
It will deploy the funds towards tripling its investments in AI, mobile engineering and device integration; expanding its hospital network across the country; scaling the recently launched services which include delivering medicines, preventive health screenings and diagnostic tests. The company will also initiate Series C fund raising in the coming months.
Prasad Kompalli, Co-founder & CEO of MFine said that digital health as a solution to scale quality healthcare delivery has been accelerated by 2 years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack. India is on the cusp of redefining healthcare delivery and we are actively engaged in shaping and leveraging this big shift.
