Bangalore: Bangalore-based telehealth startup MFine announced it has raised US$16 million in an oversubscribed funding round led by Heritas Capital, with participation from the Singapore-based family office of Y’S Investment.
Existing investors, including SBI Investment (Japan), SBI Ven Capital and Beenext (both Singapore-based), and Alteria Capital (India), also participated.
The company said in a statement that it will deploy the fresh funds towards investing in its tech solutions, expanding its hospital network across India, and scaling its recently launched services, which include medicine delivery, preventive health screenings, and diagnostic tests.
MFine further said it will also initiate its Series C fundraising in the “coming months”.
Founded in 2017, the MFine is an AI-driven, on-demand healthcare platform that provides its users access to virtual consultations and connected care programs from India’s hospitals.
Lockdown measures caused by the COVID-19 pandemic and the release of telemedicine guidelines by India have led to the widespread adoption of telemedicine within the country.
“The year 2020 has been very significant for us. 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,” said Prasad Kompalli, Co-founder and CEO of MFine.
“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,” said Chik Wai Chiew, CEO and Executive Director of Heritas Capital.
“We believe 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,” Wai Chiew opined.