With an idea to create a virtual hospital, MFine was launched in 2017. It was founded by Lawania and Prasad Kompalli, the co-founder and former business head of Myntra respectively. Later, Ajit Narayanan and Arjun Choudhary joined the founding team. The former was the Chief technical officer and the latter was the head of marketing in Myntra. 

The vision behind MFine was to provide quality health to all by creating virtual healthcare. It uses AI to deliver virtual consultancy and telemedicine. Their aim is to deliver primary and secondary healthcare with the collaboration of partners. They have partnered with 600 hospitals and 4000 doctors across India. They have 35 specialties on their platform that are available for 1000 plus towns. Their platform hosts AI-driven self-assessment for varying conditions. 

Where most e-pharmacies and healthcare startups were super focused on the metro and tier-1 cities. MFine chartered a different course. They tapped into the dormant patient market of Indian states where the doctor-patient ratio was alarming. Those states are Bihar (1:28391), Jharkhand (1:18518) and Uttar Pradesh (1:19962). Here, MFine observed many users signing up for online consultations. This plus the demand from customers in India’s top ten cities assured MFine with a steady stream of patients.  

The four-year-old company has been making immense strides in the healthcare sector. They made a 7.3 times increase in operational revenues and went from Rs 70 lakhs in FY19 to Rs 5.12 crores in FY20. In 2019, they managed to raise $17.2 million in funds from a Japanese venture capital named BI Investment. In 2020, they raised Rs 39 crores from Caretech Pte in their Series B funding. 

Instead of hitting the brakes, the pandemic hit the accelerator and MFine saw a 10x growth. Led by Heritas Capital they raised $16 million in funding along with SBI Investment. Other participants were Y’S Investment PTE. LTD, BEENEXT, SBI Ven Capital, and Alteria Capital. Their Head of Sales on LinkedIn mentioned the company’s revenue to have increased 24 times in two years with a monthly growth of 15%. 

With the combined funds of $48.8 million, since inception, MFine plans to upscale its presence across India. With the funds, they want to strengthen their current leading position of AI-driven healthcare. At the end of 2021, they will launch their Series C funding. Will the Series C funding boost MFine into the Unicorn Club?