Telehealth Startup mfine Raises $48 Million in Funding

mfine, an AI-enabled telemedicine app that provides instant healthcare services, raised $48 million in a Series C funding round co-led by Moore Strategic Ventures and BEENEXT.

The funding round was also joined by Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment, and Alteria Capital.

Including the latest funding round, the company has raised about $75 million in equity and debt.

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 6,000 doctors on its platform (to date), of which 700 are top doctors from reputed hospitals covering 35 specialties.

mfine plans to use its fresh funds to expand its network of hospitals, diagnostic centers, and e-pharmacies in India and build technology-driven care delivery products for acute and chronic disease patients.

Prasad Kompalli, CEO & cofounder, mfine, said: “In the healthcare sector, the world has changed to a new normal, and we see a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely. We are very excited about the future of digital health in India, and we look forward to working with our partners, investors, and the government to build and scale this further.”

Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.