mfine, an AI-enabled telemedicine app that provides instant healthcare services, raised $17.2 million in Series B funding.
SBI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group, led the funding round. Singapore-based SBI Ven Capital, SBI Group’s Southeast-Asian investment arm, and tech-focused venture capital firm BEENEXT also participated in the round alongside existing investors, Stellaris Prime Venture Partners.
Including the latest funding round, mfine has raised over $35 million to date. The company previously raised $4.5 million from Alteria Capital in April 2019.
mfine plans to use the new funds to expand its hospital network across the country, build its AI technology and expand the recently launched additional services, including delivering medicines, conducting preventive health screenings and diagnostic tests.
The company has a unique model of telehealth offering. The app-based telehealth provider partners with hospitals instead of aggregating individual doctors. mfine users can consult doctors from their preferred hospitals via chat or video to get prescriptions and routine care.
mfine claims to have onboarded over 4,000 doctors on its platform (to date), of which 600 are top doctors from reputed hospitals covering 35 specialties.
According to the company, since the outbreak of COVID-19, mfine has offered telehealth services to more than one million people in India.
“We believe that India will leapfrog the methods of healthcare delivery that were adopted in the developed nations, and mobile will be at the center of this disruption. The current funding is an endorsement to mfine’s unique model of working with reputed & accredited hospitals and using technology to make quality healthcare accessible to millions of people. The consumer traction proves that our model works, and with this investment, we want to scale the service across the country,” said Prasad Kompalli, CEO & cofounder, mfine.
“We are delighted to have SBI and BEENEXT on board as they share our vision of providing quality healthcare on-demand using AI and mobile tech. We see in them as long term partners, in building one of the largest healthcare platforms in the world.”
In 2020, Telemedicine companies raised $4.3 billion, a 139% YoY increase compared to $1.8 billion in 2019, according to the latest Mercom Digital Health Funding & M&A report.