Telemedicine platform Mfine to raise $33 mn in growth round

Bengaluru based Novocura Tech Health Services which owns and operates telemedicine and healthcare platform Mfine, is raising about $33.6 million (Rs 246.04 crore) from returning investors, according to regulatory filings. 

The company cleared rights issue of 2.17 lakh Class B3 equity shares for the round on December 29.

Mfine is backed by Stellaris Venture Partners, Prime Venture partners, Caretech Group, Beenext Opportunity Fund, SBI Ven Capital, SBI AI and Blockchain LPS among others. Prior to this round, Mfine raised $33.08 million in a mix of debt and equity capital, according to data available on VCCEdge. 

The company has received Rs 28.9 crore of the commitment so far from Caretech, with the rest of the infusion to follow in the coming months. 

Mfine was founded in 2017 by former co-founder of Myntra Ashutosh Lawania and former chief  business officer at Myntra Prasad Kompalli. The platform last raised $17.2 million as part of its Series B round in March 2019, followed by a debt round of $4.49 million from Alteria Capital in July 2019.

The platform offers consultation with specialists on its platform, apart from partnering with hospitals, clinics, diagnostics and radiology service providers to generate online demand. It also offers discounted health check packages in partnership with the hospitals. 

Regulatory guidelines for telemedicine providers were announced by the Ministry of Health and Family Welfare in March 2020 in light of the Covid-19 pandemic, clearing the way for new players to emerge. This is in contrast to the ePharmacy space where there has been no clarity on regulation of online players.