MFine, a Bangalore-based on-demand healthcare platform, raises $48M Series C co-led by Moore Strategic Ventures and BEENEXT, sources say at a $450M+ valuation — BENGALURU: Digital health platform MFine has raised $48 million as part of its Series C round, co-led by Moore Strategic Ventures and BEENEXT.
This round of funding was led by Moore Strategic Ventures and BEENEXT and takes the total amount raised by the company to $48 million.
It will be interesting to see how the round will unfold. Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital will also participate.
As a result of the new round of funding, the company plans to expand its hospital, diagnostics and e-pharmacy network throughout the country while developing tech-driven care delivery products for both acute and chronic conditions patients in the future.
As part of a venture round that was led by Heritas Capital earlier this year, the company had raised $16 million.
According to individuals familiar with the discussions, the company is expected to be valued at about $450 million to $500 million following the current round of fundraising.
Four years ago, the company came into existence as an on-demand healthcare platform that let users access virtual consultations with doctors over a variety of mediums, such as chat or video. Users of the app can also schedule routine lab tests, request delivery of medications and access comprehensive health packages via the app.
There has been a revolution in the healthcare sector in the past few years and we are now seeing a steep growth in the adoption of digital health in India as well. As we continue to invest in deep tech, we aim to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors in order to help them make better health decisions. As part of our expansion plans in India, we are also working on making our services available to a wider market, said Prasad Kompalli, MFine’s chief executive officer and co-founder.
With over 3 million transactions logged each month, MFine claims to have served more than 3 million customers. Some of these transactions include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures over the last decade.