SBI Investment Leads $17.2-Million Fundraise In Healthcare Startup Mfine

The startup plans to use the funds to scale-up its network across the country.

Ashutosh Lawania and Prasad Kompalli, founders of mfine
Ashutosh Lawania and Prasad Kompalli, founders of mfine

Healthcare startup mfine has raised $17.2 million in growth funding round, led by SBI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group.

SBI Group’s Southeast Asian investment arm, SBI Ven Capital, and tech-focused global venture capital firm BEENEXT also participated in the round, the company said in a statement on Tuesday, adding that the round also saw the participation of existing investors such as Stellaris Venture Partners and Prime Venture Partners.

The startup said it aims to use the funds to expand its hospital network across the country, build its artificial intelligence technology and expand additional services such as delivering medicines, conducting preventive health screenings and diagnostic tests. A large chunk of investment will also be used in strengthening its AI, mobile engineering and hardware integration.

Founded in 2017, by former Myntra senior executives Prasad Kompalli and Ashutosh Lawania, mfine is an on-demand healthcare service that provides its users access to virtual consultations and connected care programmes. The app-based platform partners with hospitals and allows users to consult doctors from their preferred hospitals via chat or video.

“mfine's AI healthcare delivery platform has the potential to bring in huge transformation in the Indian healthcare system where quality doctors are far and few and access to quality is limited,” Tomoyuki Nii, executive officer at SBI Investment said.

Over 100,000 customers have consulted on mfine in the last 15 months, the statement said, adding that more than 500 doctors practice across 20 specialties on the platform. It now aims to onboard 2,500 doctors from 250 hospitals in the next one year.

The startup competes with Lybrate, Docsapp, Medimetry, Medlife, Practo, among others.