mfine raises $17.2 mn from Japan's SBI Investment, others

Health-tech AI startup mfine Tuesday said it has raised USD 17.2 million from Japanese venture capital firm SBI Investment, SBI Ven Capital Pte Ltd and others.

The series B round also saw participation from BEENEXT, Singapore; Stellaris Venture Partners; and Prime Venture Partners.

Including the current funding round, the startup has raised over USD 24 million and has 200 employees in Bengaluru and Hyderabad.

As part of its expansion plans, the company plans to onboard over 2,500 doctors from 250 hospitals on its platform and reach 1.5 lakh consultations a month in the next one year, mfine said in a statement.

"The company will be tripling its investments in AI, mobile engineering and hardware integration," it added.

The company said over one lakh customers have consulted on its platform in the last 15 months and its customer base is growing 30 per cent month-on-month.

It has over 500 MD/MS doctors across 20 specialties on its platform.

"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," mfine co-founder and CEO Prasad Kompalli said.

Health-tech in India has been receiving huge investor interest with an estimated USD 571 million being pumped in 2018.

mfine was founded in February 2017 by Ashutosh Lawania (Myntra co-founder) and Prasad Kompalli, a former business head at Myntra.