- With the addition of the latest $17.2 million, the company has raised approximately $23 million to date.
- Apart from SBI Investment, the round also witnessed participation from SBI Ven Capital, Prime Venture Partners, Beenext, Stellaris Venture Partners.
Mfine, an Indian AI-powered online doctor consultation application, has reportedly raised more than $17.2 million in a Series B investment round led by Japan-based investment company, SBI Investment.
Reports cite, while the funding round was led by SBI Investment, it also saw participation from fellow Japanese investor, Beenext and SBI Investment’s sibling fund SBI Ven Capital. Moreover, Mfine’s existing backers, Prime Venture Partners & Stellaris Venture Partners, also participated in the round.
According to a report by Livemint, Mfine plans to utilize the funds raised in the investment round to expand its hospital network across the nation, further build its artificial intelligence (AI) technology & expand its recently unveiled additional services, which includes carrying out preventive health screenings, delivering medicines and conducting diagnostics tests.
The CEO of Mfine, Prasad Kompalli stated that across India, on a macro-level, doctors that are good at what they do are few & far and distributed quite unevenly. Kompalli further added that the fundamental premise behind Mfine is developing a platform that acts as a very large hospital that is hosted on the cloud. The company is now entering into a new phase of what is now called healthtech and problems that would be solved would be deeper in nature.
Indian online healthcare platforms possess massive growth potential; Practo, a renowned Indian healthcare platform, had raised over $180 million through investors such as Tencent. Mfine distinguishes itself in the market by partnering with clinics & hospitals instead of independently recruited healthcare professionals & doctors.
The company now plans to further expand its offline work outside of Bangalore & Hyderabad, two cities where the platform currently operates.
According to reports, the latest investment brings the total amount raised by the company till date to approximately $23 million.