The merged entity has raised $80 million from New York-based OrbiMed, a healthcare investment firm with nearly $18 billion in assets under management. OrbiMed also invested pharmacy As part of a $350 million funding round last October.
ET reported on May 23 That Mfine had laid off about 500 employees, almost half of its workforce. it is one of many startup Those who have sacked employees after struggling to raise funds in 2022.
mFine will be the digital arm of Lifewell, creating a nationwide network of laboratories, and will continue to be the consumer brand and app for digital health services such as tele-consultation, care planning, diagnostic testing, IP concierge, e-pharmacy. and corporate membership.
The company said the fresh capital would be used for strategic investments in insurance-tech and other partners.
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Prasad Kompally and Ashutosh Lavania, co-founders of mFine, said, “We have built a technology platform and high quality provider network that largely sets the standards for the care experience in digital health in India.” “With this joint venture, we see immense potential to deliver on-demand healthcare with an excellent consumer experience.”
Mayur Abhaya, MD and CEO, lifecell International Pvt Ltd said, “As a seed investor in mFine, I have known Ashutosh and Prasad for a long time and have witnessed the growth and development of MFine as one of the leading digital health platforms.
“Holistic healthcare is changing around the world with the rapid adoption of new technologies such as genomics and digital health. This combination paves the way to create a new market leader that meets the expectations of emerging customers. ,
Mfine was founded in December 2017 by the former Myntra Executive officers Lavania and Kompally, who were later joined by Ajit Narayanan and Arjun Choudhary.
The company last raised $48 million in September 2021 In a round co-led by Moore Strategic Ventures and Beenext with participation from Stellaris Venture Partners,
Group Japan, and SBI Wayne Capital Singapore, among others.
Mfine’s digital services include doctor consultations, diagnostic tests, pharmacy and inpatient procedures. The company competes with Practo, Portia and Apollo.
In 2021, Mfine launched an app-based tool for monitoring blood oxygen saturation, allowing users to keep track of their oxygen saturation levels without the need for an additional device. This year, it added tools to help check blood pressure and glucose levels.