MFine will use the Series C funding to expand its network of care providers and develop new products. Here are the top-line bullets you need to know.
MFine, an on-demand healthcare platform provider, has raised $48M in Series C funding. This round drew participation from Moore Strategic Ventures, Stellaris Venture Partners, and BEENEXT, among others.
How’s the company performing?
- India-based MFine’s platform provides customers with access to virtual consultations and helps them book appointments at diagnostic centers.
- MFine offers access to more than 700 diagnostic centers across 400 Indian cities. Each month, over 100K people use the platform to book diagnostic tests.
- The company’s platform sees more than 300K transactions per month and over 3M users have used their services to date.
- The company has partnered with over 6,000 doctors (across 35 specialties) from more than 700 hospitals.
- MFine launched an app-based oxygen saturation monitoring tool amid Covid-19, which has been used by 250K users to date.
- Over 500 corporates have partnered with MFine in order to provide healthcare services to their employees.
Why does the market matter?
- The digital health market is expected to grow at a CAGR of 17.4% to reach a value of $426.8B by 2027, according to Global Market Insights.
- Global healthcare funding surpassed $34.7B across nearly 1.6K deals in Q2’21. The acceleration of digital transformation initiatives was a major contributor, with digital health startups accounting for 40% of both the deals and funding raised in the quarter ($14.1B across 628 deals).
- The impact of Covid-19 on healthcare infrastructure, increasing demand for healthcare digitization, technological advancements, and the changing virtual care landscape have all contributed to industry growth.