Health start-up mfine raises $17.2 million in Series B round

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New Delhi | Published: April 24, 2019 4:28:47 AM

On mfine, users can not only consult for acute illnesses such as viral infections but also for chronic diseases such as diabetes and arthritis.

health, health start up, start up sector, start up iondustryWith the current funding round, the start-up has raised over million and has 200 employees in Bengaluru and Hyderabad.

Health-tech start-up mfine has raised $17.2 million in Series B funding. The investment was led by SBI Investment, a Japan-based venture capital firm and subsidiary of the SBI Group.

Singapore-based SBI Ven Capital, SBI Group’s Southeast-Asian investment arm, and tech-focussed global venture capital firm BEENEXT also participated in the round alongside existing investors Stellaris Venture Partners and Prime Venture Partners.

mfine said over 100,000 customers had consulted with it in the past 15 months, and its customer base was growing at 30% month over month. More than 500 MD/MS doctors practise in 20 specialities on mfine, which serves to people in over 800 towns in India, the company said.

On mfine, users can not only consult for acute illnesses such as viral infections but also for chronic diseases such as diabetes and arthritis. Besides, patients also consult for super-specialities such as cardiology, oncology, orthopaedics and fertility, the company noted.

The artificial intelligence-powered start-up follows a model of partnering with hospitals instead of aggregating individual doctors. mfine plans to use the funds to expand its hospital network across the country, strengthen its AI technology and expand the recently launched additional services, including delivering medicines, conducting preventive health screenings and diagnostic tests.

Also read: Haldiram’s munches into Indian startup ecosystem; backs incubator Venture Catalyst

The health start-up was founded in February 2017 by Ashutosh Lawania (Myntra co-founder) and Prasad Kompalli, a former business head at Myntra. The founders were later joined by Ajit Narayanan, ex-Myntra chief technology officer, Arjun Choudhary, ex-Myntra head of growth marketing.
With the current funding round, the start-up has raised over $24 million and has 200 employees in Bengaluru and Hyderabad.

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