mFine Secures $17.2M Series B Funding to Build India's Largest Virtual Hospital Platform

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on April 23, local time in India, healthcare technology company mFine completed a $17.2 million Series B financing round. The funds from this round will be used to expand its virtual hospital platform, providing users with convenient medical services.

It is reported that this round of financing was led by SBI Investment, with participation from Beenext, Stellaris Venture Partners, and Prime Venture Partners.

Founded in 2017 under the leadership of Ashutosh Lawania and Prasad Kompalli, mFine launched a virtual hospital app powered by artificial intelligence and digital technologies. By partnering with multiple local hospitals across India, it provides users with a wide range of medical services. Currently, the app supports consultations for conditions including acute care, viral infections, diabetes, arthritis, heart disease, oncology, orthopedics, and fertility.

Users registered on the mFine app can enjoy the following medical services: 1) No waiting: When users are ill, they can schedule appointments with doctors via the app at any time and choose their preferred location; 2) Smart prescriptions: After receiving a diagnosis, users will receive a digital prescription on their mobile phones, including treatment information, dietary requirements, exercise recommendations, and other instructions; 3) Timely reminders: mFine prescriptions are digitally synchronized to the phone’s memo system, and timely notifications are sent to remind users to take their medication on schedule, ensuring a swift recovery; 4) Complete privacy: All medical consultations on MFine are strictly confidential, and user privacy is fully protected; 5) Comprehensive health records: Users can view their historical medical records in their personal accounts, facilitating convenient monitoring of their health status at any time; 6) Family doctor: Through intelligent data organization and analysis, every doctor consulted via mFine has access to the user’s comprehensive medical history, functioning like a family physician.

mFine aims to become the world’s largest virtual hospital, providing patients with primary care, secondary care, and long-term care management services. Over the next 12 months, mFine will partner with more than 250 top-tier hospitals in India to establish a virtual hospital platform spanning over 10 cities and featuring more than 2,500 physicians.

Prasad Kompalli, Founder and CEO of mFine, stated, “We are grateful for the support from our new investors. We plan to utilize this round of financing to expand our virtual healthcare platform and establish a nationwide medical network across China. Meanwhile, we will broaden our service offerings to include pharmaceuticals, preventive health screenings, and diagnostic tests.”

SBI Investment, established in 1999 and headquartered in Japan, is a venture capital firm focused on investing in startups within the healthcare industry. In addition to providing financial support to startups, it also assists entrepreneurs in managing their companies.

Founded in 2015, Beenext boasts an experienced management and venture capital team. It invests in healthcare startups in India, Japan, and the United States, having completed a total of 89 investments to date.

Stellaris Venture Partners is a venture capital firm that primarily invests in the early-stage development of startups.

Prime Venture Partners, founded in 2011, is a venture capital firm based in Bangalore. Established by Sanjay Swamy, Shripati Acharya, and Amit Somani, it focuses on early-stage investments in Indian startups. In addition to providing funding, the firm leverages its management expertise to assist entrepreneurs in running their companies.

(Compiled by Liu Yujing)