Total amount raised
$97.6 Millions
Latest funding date
08/01/2021
Location
mfine has successfully raised multiple rounds of funding, with the latest being a Series C round on August 31, 2021. The company is backed by 13 investors, including notable names like SBI Investment and Heritas Capital.
Keep reading to explore the intricacies of mfine's fundraising journey and the investors backing this innovative health-tech platform.
What Is mfine?
mfine, founded in 2017, is a health-tech startup based in Bengaluru, Karnataka, India. The company was established by Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, and Prasad Kompalli.
mfine specializes in developing an AI-powered telemedicine mobile app that offers online doctor consultations. The app aims to simplify access to trusted healthcare by leveraging advanced technology and partnerships with top hospitals and clinics.
Currently, mfine employs between 501 and 1000 people, making it a significant player in the health-tech industry. The platform also provides various services, including lab tests, health packages, and skincare products.
How Much Funding Has mfine Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: September 2017
- Lead Investors: Stellaris Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-powered telemedicine platform.
- Series A
- Amount Raised: $4.2M
- Date: May 2018
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and enhance the app's features.
- Series B
- Amount Raised: $17.2M
- Date: April 2019
- Lead Investors: SBI Ven Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Debt Financing
- Amount Raised: ₹310M
- Date: July 2019
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and operational expenses.
- Series B
- Amount Raised: ₹395.5M
- Date: August 2020
- Lead Investors: Caretech Pte Inc
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their AI technology and expand their service offerings.
- Venture Round
- Amount Raised: $16M
- Date: January 2021
- Lead Investors: Heritas Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their telemedicine services and expand their user base.
- Series C
- Amount Raised: ₹3.6B
- Date: August 2021
- Lead Investors: BEENEXT, Moore Strategic Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand their telehealth services across India.
Total Amount Raised: $39.4M + ₹4.3055B
Current Valuation: Not publicly disclosed
Key Investors
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology startups. They focus on supporting entrepreneurs in their growth journey.
- Investment Focus Areas: Early-stage technology startups, internet, mobile sectors
- Notable Investments: Not specified
- Moore Strategic Ventures
- Details: Moore Strategic Ventures is an investment firm that focuses on diverse sectors, including technology and healthcare. They aim to support innovative companies with high growth potential.
- Investment Focus Areas: Technology, healthcare, diverse sectors
- Notable Investments: Not specified
- Heritas Capital
- Details: Heritas Capital is a venture capital firm that invests in high-growth companies. They have a strong focus on sectors that drive societal impact.
- Investment Focus Areas: Healthcare, education, technology
- Notable Investments: Not specified
- Caretech Pte Inc
- Details: Caretech Pte Inc is an investment firm specializing in healthcare technology. They aim to support innovations that improve healthcare delivery.
- Investment Focus Areas: Healthcare technology
- Notable Investments: Not specified
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides financing to startups. They focus on supporting companies with strong growth potential.
- Investment Focus Areas: Venture debt for startups
- Notable Investments: Not specified
What's Next for mfine?
mfine stands at the cusp of significant growth, buoyed by a recent $34 million Series C funding round. This capital injection positions the company to enhance its technology, expand its user base, and potentially enter new markets. The telehealth industry is booming, driven by the increasing demand for remote healthcare services, especially post-pandemic.
Future fundraising opportunities look promising as investor confidence remains high. The company may attract new investors or additional funding from current backers. However, challenges such as competition from other telehealth platforms, regulatory hurdles, and ensuring data security could pose obstacles. Despite these challenges, mfine is well-positioned to capitalize on the growing demand for telehealth services.
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