Myntra co-founder's health-tech startup Mfine gets $17.2 mn in Series B funding

Bengaluru-based Mfine, an online platform that allows users to connect with doctors, has raised $17.2 million (around Rs 120 crore) in a Series B round.

Novocura Tech Health Services Pvt. Ltd, which runs Mfine, said in a statement that Japan-based venture capital firm SBI Investment led the round.

SBI investment’s Singapore-based arm, SBI Ven Capital, also put in money as did Japan-based Beenext and existing backers Stellaris Venture Partners and Prime Venture Partners.

Mfine will use the the fresh capital to expand its hospital network, build its artificial intelligence technology backbone and expand recently launched services such as medicine delivery, conducting preventive health screenings and diagnostic tests.

The  company said it will triple its investment in AI, mobile engineering and hardware integration. It didn't give any financial details.

Tomoyuki Nii, executive officer at SBI Investment, said that a 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”.

Over the next one year, Mfine plans to  get on board more than 2,500 doctors from 250 hospitals and reach 150,000 consultations per month.

Currently, Mfine has more than 500 doctors from over 100 hospitals across 20 specialties on its platform. Mfine said its platform has been used by more than 100,000 customers in the last 15 months, with its customer base showing a 30% month-on-month growth.

The fresh round of funding comes a little less than a year after Mfine raised $4.2 million in a Series A round led by Prime Venture.

Mfine

The company was was founded in February 2017 by fashion e-tailer Myntra's co-founder Ashutosh Lawania and former Myntra chief business officer Prasad Kompalli.

Kompalli and Lawania were later joined by Ajit Narayanan, Myntra's former tech chief; Arjun Choudhary, ex-Myntra head of growth marketing, and Jagadish Prasad, an interventional neuro-radiologist and the founder of Femiint Health, a female-care hospital in Bengaluru.

The startup offers a mobile app that connects users with doctors from well-known hospital chains as opposed to aggregating individual doctors. Mfine has 60 in-house doctors and says it uses AI to diagnose and identify over 1,200 common diseases, read hundreds of health parameters in diagnostic reports and helps save time for doctors.

“We believe 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,” CEO Kompalli said.

Recent health-tech deals

April 2019: Medical-technology startup SigTuple Technologies Pvt. Ltd raised $19 million (around Rs 132 crore then) in a Series C funding round.

Bengaluru-based medical wearable device startup Ten3t Healthcare Pvt. Ltd raised an undisclosed amount in a pre-Series A round.

February 2019: Breast cancer screening startup Niramai Health Analytix Pvt. Ltd raised $6 million in a Series A round of funding led by Tokyo-headquartered management consulting firm Dream Incubator.