Bengaluru-based Mfine raises a new $16 million investment round for its online healthcare platform and services.  

The startup provides a variety of medical and health tech services including virtual appointments and check-ups, a mobile app, testing, diagnostics, information on doing self-checks, care programs, and delivery services for prescriptions and other medical needs.

“During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people with access to essential healthcare services,” Co-founder at Mfine, Prasad Kompalli said, as reported by Economic Times. “We are seeing incredible traction on the provider and consumer side. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack.”

Investors in the round include Heritas Capital, the family office of Y’S Investment Pte Ltd, SBI Investment, SBI Ven Capital,  Beenext and Alteria Capital. Prior to this investment round, the startup had raised a total of $66.4 million since its founding in 2017.

The company uses artificial intelligence to provide its various health tech services. Mfine currently partners with approximately 4000 doctors through its platform, which has seen over a million users, so far. 

The new investment round will be put toward technology development, expanding its reach in terms of hospitals and providers, and continued growth plans, among others. 

“MFine has developed a compelling solution that has proven to be highly impactful during this pandemic to ensure continued and trusted access to quality and affordable healthcare services,” CEO at Heritas Capital, Chik Wai said, ET reported. “We believe that MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimization of limited healthcare resources to address unmet needs throughout India and beyond.” 

The startup was founded by Ajit Narayanan, Ashutosh Lawania and Prasad Kompalli, and currently works with around 600 hospitals. 

(Picture courtesy: JustDial)