Heritas leads US$16m round in Indian digital health startup MFine

HERITAS Capital has led a US$16 million funding round into Indian digital health startup MFine, the Singapore venture capital firm announced on Monday.

Singapore-based family office Y'S Investment also joined the round, alongside several existing investors of MFine, namely SBI Investment, SBI Ven Capital, BEENEXT and Alteria Capital.

Founded in December 2017, MFine provides access to virtual consultations and connected care programmes from Indian hospitals. Users can also book routine lab tests, medicine delivery and health packages. The platform says it has over 4,000 doctors from 600 reputed hospitals.

With the fresh funding, MFine plans to treble its investments in artificial intelligence (AI), mobile engineering and device integration. It also aims to expand its hospital network and scale recently launched services, such as medicine delivery, preventive health screenings and diagnostic tests.

The firm will also initiate Series C fundraising in "the coming months", it said.

"We believe that MFine's collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimisation of limited healthcare resources to address unmet needs throughout India and beyond," said Chik Wai Chiew, chief executive officer (CEO) and executive director of Heritas Capital.

Prasad Kompalli, co-founder & CEO of MFine, said: "We are seeing incredible traction on the provider and consumer side. Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by two years.

"The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack. India is on the cusp of redefining healthcare delivery and we are actively engaged in shaping and leveraging this big shift."