MFine clinches US$48 Million in series C funding to ramp up virtual care infrastructure

INDIA – Healthcare startup MFine has announced that it has raised US$ 48 million in series C funding steered by BEENEXT and Moore Strategic Ventures alongside other existing investors to build one of the largest virtual hospital in the world.

Mfine is a health-tech startup that offers an AI-powered online doctor consultation app. MFine is now using Assistive Intelligence (AI) to help doctors make clinical decisions, as well as to bring vitals monitoring and health management to consumers’ smartphones.

This means, the doctor, making the diagnosis quicker and sharper.

Specialist Doctors at these hospitals are assisted by MFine’s AI system, which significantly improves their efficiency and effectiveness because they can know about patients’ condition even before they have seen them.

 MFine’s care team of more than 60 in-house doctors collaborates with the AI system to provide the best diagnosis and care possible. The AI engine can diagnose and triage over 1200 common diseases, as well as read hundreds of health parameters in diagnostic reports, significantly saving doctors time.

Prasad Kompalli, CEO and Co-founder, MFine, said in a press note, “In the healthcare sector, the world has changed to a new normal and we are seeing 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,” he added.

Over 3 million users have used MFine services since its inception, with the platform processing over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy, and in-patient procedures.

MFine reported a 15% month-on-month growth, owing to the exponential adoption of E-health in India since the outbreak of the pandemic, as well as an increase in the adoption of digital health among Indians.

Over 500 corporations have joined forces with MFine to provide a wide range of services to over 500,000 employees.

In the coming months, the startup will also collaborate with insurance partners to provide innovative financial solutions for its users.

MFine is funded by 11 investors. SBI Investment and Heritas Capital are the most recent investors.

The Indian healthcare delivery market currently valued at US$120 billion is rapidly digitizing, and, as in other sectors such as payments, banking, and education, technology players are developing digital-first services and competing for a significant share of the market.

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