Mfine is a digital healthcare platform providing online consultations with specialists and partnering with hospitals, clinics, diagnostics and radiology providers. Founded in 2017 by Ashutosh Lawania and Prasad Kompalli, the company is operated by Novocura Tech Health Services and is based in Bengaluru. Mfine is merging with the diagnostics business of LifeCell to form a combined entity called LifeWell. The merged business plans to build a large-scale healthcare delivery platform with full-stack diagnostics and has strategic investments and acquisitions planned to drive growth. The combined user base of Mfine and LifeCell’s diagnostics business is more than 6 million and is growing 100% year-on-year; LifeWell aims to serve over 50 million users within four years. The article notes Mfine recently carried out staff layoffs and previously raised a $48 million Series C in September last year. MFine is an AI-driven, on-demand healthcare platform that provides virtual consultations, connected care programs, diagnostic bookings, medicine delivery and in-patient procedure coordination through partnerships with leading hospitals. The platform connects users to more than 6,000 doctors from over 700 hospitals across 35 specialties, reaches over 1,000 towns, and provides access to 700 diagnostic centres in 400 cities. Since inception the company has served over 3 million users and records roughly 300,000 monthly transactions, including over 100,000 monthly diagnostic bookings. MFine says it is growing 15% month-on-month and has seen strong adoption of its corporate subscription product, which now covers over 500 corporates and 500,000 employees. Product development centers on AI clinical decision support and smartphone vitals monitoring—its SPO2 app feature has been used by 250,000 users—and the company plans to extend monitoring to heart rate and blood pressure. The company intends to invest in expanding its hospital, diagnostics and e-pharmacy networks and to roll out tech-driven care delivery and insurance-linked financial solutions. Mfine operates a digital healthcare platform that extends partner hospitals and clinics online, offering telemedicine consultations, medicine delivery and an AI-powered “virtual doctor” for report summarization, symptom narrowing and care advice. The company works with more than 500 doctors from about 100 top hospitals and claims to have enabled over 100,000 consultations across 800 towns in the past 15 months, currently running roughly 20,000 consultations per month. Mfine’s revenue model is taking a cut of consumer spending as a digital extension of its healthcare partners and it says the service can boost GP productivity 3–4X while increasing hospital revenue. The startup is pursuing corporate clients and an insurance-style subscription service, which it expects to account for around half of revenue over the coming years. Near-term operational plans include expanding offline work beyond its current markets of Hyderabad and Bangalore. The company was started in 2017 by four co-founders from Myntra. Mfine operates an online consultation app that connects patients with a network of partner hospitals and enables consultations via a chat window. The platform also supports home sample collection for lab tests and medicine ordering. Mfine says its AI engine will provide a proactive care experience and help providers engage patients in long-term care programmes. The app was expected to go live in September and the company plans to focus on Bengaluru initially before expanding to other cities. The team includes founders Prasad Kompalli and Ashutosh Lawania, former Myntra executives Ajit Narayanan and Arjun Chaudhary, and clinical advisor Dr Jagadish Prasad; the company had a 15-member team. Mfine will use the new funding for product development and working capital.

Total raised

$147M

Funding rounds

4

Latest round

Equity

Latest activity

Jul 2022