• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Sponsored Post
    • Make a Contribution
  • Market Reports
  • Technologies
    • Technology Events
    • Startup Jobs
  • Domain Names for Startups
  • About
    • How to raise venture capital
    • How to raise seed funding from angel investors
    • How private equity and venture capital firms operate
    • What is the difference between private equity and VC funding?
    • What technology trends are considered hot among VC firms?
    • What is elevator pitch?
    • What is startup burn rate?
    • Does failure to launch a startup spell the end of the entrepreneur’s ambitions?
    • How to avoid pitfalls in founding a startup
    • Why do startups fail?
    • What are the traits of successful startup founder?
    • What are startup vanity metrics?
    • Why investing in the next generation of women and diverse entrepreneurs is a crucial part to the success of the tech infrastructure
    • Where are VCs seeing opportunity
    • How do startup valuations work?
    • What is startup accelerator?
    • How to scale an early-stage startup team, how much to pay and how to distribute equity
    • Don’t mix business with friendship: when it comes to building a founding team for a startup, this adage may not always apply
    • What is a social unicorn?
    • Secure Your Startup’s Future: The Importance of Succession Planning
  • Contact

Health-tech AI Startup mfine Raises $17.2 Million in Series B; Set to Create India’s Largest Virtual Healthcare Delivery Network

April 23, 2019 By admin Leave a Comment

mfine, a health-tech AI startup from India, has raised $17.2 million in Series B funding. The investment was led by SBI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group. Singapore-based SBI Ven Capital which is SBI Group’s Southeast-Asian investment arm and tech-focused global venture capital firm BEENEXT also participated in the round alongside existing investors, Stellaris Venture Partners and Prime Venture Partners.

Over 100,000 customers have consulted on mfine in the last 15 months and customer base is growing 30% month over month. More than 500 MD/MS doctors, including some of India’s top doctors from over 100 reputed hospitals practice across 20 specialties on mfine. Collectively, they have been able to expand their reach beyond the physical boundaries of the cities and have served over 800 towns in India. On mfine, not only are users consulting for acute illnesses like viral infections but also for chronic diseases such as diabetes and arthritis. Patients are also consulting for super specialties such as cardiology, oncology, orthopedics and fertility.

mfine follows a unique model of partnering with leading and trusted hospitals instead of aggregating individual doctors on its platform. Hospital partnerships enable mfine to make high quality care of trusted doctors available on a digital channel. For the hospitals, mfine is their new center on the cloud bringing in more patients and offering premium services, long-term care programs, super specialties without any upfront investments. Specialist Doctors from these hospitals are assisted by mfine’s AI system, improving their efficiency & effectiveness dramatically. mfine’s care team of more than 60 in-house doctors are working alongside the AI system offering best possible diagnosis and care. The AI engine has the ability to diagnose and triage over 1200 common diseases, read hundreds of health parameters in the diagnostic reports thus saving significant time for the doctors.

mfine’s success and uptake can be attributed to the dire need of a service which enables quick and easy access to medical services in a country which has a dismal doctor to patient ratio, predominantly out-of-pocket health spending and inaccessibility of quality care. India has one doctor for every 1700 people, and if one considers only specialists, this stands at one doctor for every 5000 people. There are 1000 primary healthcare cases & about 100 secondary healthcare cases reported in a hospital everyday and this number is rising along with the rise of non-communicable diseases (NCDs). On the other hand, more than 350 million smartphone users and rapidly falling bandwidth prices are redefining the way essential services like healthcare are being delivered in India. Increased internet penetration, rise in digital payments and big-ticket government initiatives like Ayushman Bharat is bringing in venture capital investment in home-grown health-tech startups. Investments in Indian health-tech companies reached an all time high of $571 million in 2018*.

mfine aims to be one of the largest virtual hospitals in the world with services across primary care, secondary care and chronic care management. In the next 12 months, it will bring together India’s top 250 hospitals, from 10 cities with more than 2500 doctors onto its virtual hospital platform. The company will be tripling its investments in AI, mobile engineering and hardware integration.

With this fresh funding, mfine plans to solidify its leadership position in delivering an AI-driven, on-demand healthcare service across India. mfine will use the funds to expand its hospital network across the country, build its AI technology and expand the recently launched additional services which include delivering medicines, conducting preventive health screenings and diagnostic tests.

mfine was founded in February 2017 by Ashutosh Lawania (Myntra co-founder) and Prasad Kompalli, a former business head at Myntra. The founders were later joined by Ajit Narayanan, ex-Myntra CTO, Arjun Choudhary, ex-Myntra head of growth marketing. Including the current funding round, the startup has raised over $24 million and has 200 employees in Bengaluru & Hyderabad.

The mfine app is currently available in English on Google Playstore and Appstore: http://bit.ly/mfine-care

Supporting Quotes

Tomoyuki Nii, Executive Officer of SBI Investment
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. With an on-demand model and state-of-the-art AI and mobile tech, mfine stood out for us with great potential to deliver large scale impact in healthcare delivery in India.

Teru Sato, Founder & Managing Partner, BEENEXT
mfine’s product and user experience stood out for us. The application of AI to help deliver large-scale impact in delivering healthcare is game changing. mfine has a very strong team with the founders having deep technical knowledge and with the right vision and business model for building a large impactful business in India’s healthcare sector. We will continue to support companies like mfine in India.

Prasad Kompalli, CEO & cofounder, mfine
We believe that India will leapfrog the methods of healthcare delivery that were adopted in the developed nations, and mobile will be at the centre of this disruption. The current funding is an endorsement to mfine’s unique model of working with reputed & accredited hospitals and using technology to make quality healthcare accessible to millions of people. The consumer traction proves that our model works and with this investment we want to scale the service across the country. We are delighted to have SBI and BEENEXT on board as they share our vision of providing quality healthcare on-demand using AI and mobile tech. We see in them long term partners, in building one of the largest healthcare platforms in the world.

About mfine
mfine is an AI-driven, on-demand healthcare service that provides its users access to virtual consultations and connected care programmes from the country’s top hospitals. The app-based mhealth platform partners with leading and trusted hospitals instead of aggregating individual doctors. mfine users can consult doctors from their preferred hospitals via chat or video to get prescriptions and/or routine care. mfine was launched in December 2017 by Ashutosh Lawania and Prasad Kompalli who were later joined by Ajit Narayanan and Arjun Choudhary. For more details, please visit: https://www.mfine.co/

Filed Under: PR

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

China’s Poaching of Water Technologies from the West: A Serious Concern
Market Scenario of China Banning Exports of Rare Earth Materials and Electric Batteries
Navigating Markets through a 4-Dimensional Research Data Model
A Markov Chain-Based Approach for Forecasting Emerging Technologies: An Extended Analysis
Identifying Resilient Stocks Poised for a Strong Comeback Amidst Economic Recovery
China’s Debt Problem: A Looming Crisis
The Future of Travel: A $15.5 Trillion Industry

Market Research Media

The Evolution of RSS Feeds: A Media Analyst’s Perspective
AI-Enhanced 4-Dimensional Market Dynamics Analysis: Unveiling Trends, Segmentation, Behavior, and Evolution through Markov Chain Modeling
Autotutoring Market: Personalized Learning and Technological Innovation at the Forefront
Integration of Generative AI and Large Language Models for Enterprises
The Decline of Chinese Media Under Authoritarian Rule: Economic Implications
Algorithmic Bias in Media Recommendation Systems: Unveiling Challenges and Pursuing Fairness
U.S. Federal IT Market Forecast

Secondary Sidebar

Technologies

Bridging the Semiconductor Workforce Gap: Intel’s Innovative Educational Initiatives
German Government and Bavaria Invest €300M in ams OSRAM Semiconductor Tech
Innovative Ship Concept: Providing Zero-Carbon Nuclear Energy for Defense and Disaster Relief
Linux Foundation Launches OpenTofu: A New Open Source Alternative to Terraform
Introducing the NETGEAR Nighthawk Tri-Band Mesh WiFi 6E System: Exceptional Range and Performance for the Modern Home

Tech Events

Imagine 2023, Edge AI Conference, September 27, 2023, Computer History Museum, Mountain View, California
Microsoft Ignite, November 14-17, 2023, Seattle
Intel® Innovation 2023, September 19-20 2023, San Jose McEnery Convention Center, San Jose, California
Dreamforce 2023, September 12–14, 2023, Moscone Center, San Francisco
AI Hardware & Edge AI Summit, September 12-14, 2023, Santa Clara Marriott, Santa Clara, California

Footer

Recent Posts

  • Techstars and The Ohio State University Partner to Boost Software Startups in Columbus
  • Atlys Secures $12M to Revolutionize Visa Processing and Travel Experience
  • Afterparty Raises $5 Million Funding to Revolutionize Creator-Fan Interactions with Afterparty AI
  • Elevator Pitch: BornIntoLuxury.com (Born Into Luxury)
  • JETRO’s Global Startup Acceleration Program: Fueling Japanese Startups’ Global Expansion
  • Join the Innovation Wave at SPIE Startup Challenge 2024!
  • CertifID Secures $20M in Series B Funding to Combat Rising Wire Fraud in Real Estate
  • floLIVE Secures $47M Series C Funding to Expand Hyperlocal Global Cellular Network and IoT Solutions
  • Lyten, Inc Secures $200 Million in Series B Funding to Advance Revolutionary 3D Graphene Supermaterials
  • NordicNinja Launches €200 Million Fund II to Drive Sustainable Innovation in Europe

Dossier

EspressoCortado.com: The Artistry of Latte
KeywordResearch.org: The Bedrock of SEO
TravelMktg.com – Experiential Travel Marketing & Storytelling
bookselling.net
Unweb.org, your ultimate privacy guardian

Press Media Release

Editorial: The Yom Kippur War and its lessons for today
Navigating the New Media Landscape: From Print to Pixels
Analysis 2023
TravelMktg.com and Government Organizations Unite for Tourism Promotion
Deloitte: Travel Leaders Embrace Automation and Tech as Workforce Challenges Continue to Weigh on Industry

App Coding

Building a simple SMS (Short Message Service) application using SQLite and jQuery
Rust for Mobile Apps
Comparison of Design Principles: Mobile Apps vs. Desktop Software
Viral App Ideas to Code for Massive User Engagement
Common Pitfalls in Agile Development and How to Avoid Them

API Coding

API Coding Opportunities in Headless Web Publishing
AI-Enhanced API Gateway
Building Powerful APIs for Gaming
Building an API Server to Harness the Power of Large Language Models
Quantitative Analysis Criteria for Assessing API Performance and Quality

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT