MFine snags US$16M in an oversubscribed round | FI SENSE

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MFine, a Bangalore-based telehealth startup announced it has raised US$16 million in an oversubscribed round of financing led by Heritas Capital. Other investor include Singapore-based family office of Y’S Investment with existing investors SBI Investment (Japan), SBI Ven Capital and Beenext (both Singapore-based), and Alteria Capital (India) also participating.

According to the startup, it will use the fresh capital to enhance its tech solutions, expand hospital network across India and scale its newly launch services which includes delivery, preventive health screenings and diagnostic tests.

The startup also said it is preparing to trigger processes to start its Series C funding a few months.

Founded in 2017, the MFin is an AI-driven, on-demand healthcare platform that provides its users access to virtual consultations and connected care programmes from India’s hospitals.

“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 optimisation of limited healthcare resources to address unmet needs throughout India and beyond,” Wai Chiew said.

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