Digital healthcare platform Mfine will merge with the diagnostics arm of genetic testing services provider Lifecell International.
Mfine had laid off about 500 employees or half of its employees in May this year. It is one of several startups that have struggled to raise funds after a record year in 2021.
The merged entity – LifeWell – has raised $80 million in funding from healthcare-focused global investment firm OrbiMed, according to Mfine.
Last year OrbiMed joined LifeCell International as a new investor, investing approximately $30.5 million to fuel the company’s growth plans and help it enter adjacent categories such as reproductive health and cell-based therapeutics.
Lifewell plans to use the fund to build a large-scale healthcare delivery platform with full stack diagnostics.
The Bengaluru-based Mfine was founded in 2017 by former Myntra executives Ashutosh Lawania, Prasad Kompalli, Ajit Narayanan and Arjun Choudhary, Its digital services include doctor consultations, diagnostic tests, e-pharmacy and inpatient procedures.
In addition, the company also partners with hospitals, clinics, diagnostics and radiology service providers to generate demand online.
“We created a technology platform and high-quality provider network that pretty much set the standards of care experience in digital health in India,” said Prasad Kompalli and Ashutosh Lawania, cofounders of MFine. “With this joint venture, we see immense possibilities of delivering on-demand healthcare with outstanding consumer experience.”
“As a seed investor in MFine, I’ve known Ashutosh & Prasad for a long time and have witnessed the development and growth of MFine as one of the leading digital health platforms,” said, Mayur Abhaya, managing director and chief executive of LifeCell International .
“Overall healthcare delivery is transforming worldwide 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 emerging customer expectations”, he added.
“We see a large opportunity in India’s healthcare delivery market. This is still an unorganized market and consumer demand for high-quality services is soaring,” said Sunny Sharma, partner and senior managing director, OrbiMed Asia.
In September 2021, Mfine had raised $48 million in its Series C funding round co-led by Moore Strategic Ventures and Beenext.
Founded in 2017, mfine is an on-demand, digital primary healthcare platform which offers professional diagnostics and health check-up services that can be availed from the comfort of home, office, or even a spa.
Since its inception, mfine has redefined the primary healthcare sector. Driven by the passion to provide care, impelled with an unwavering focus on quality and steered by ground-breaking artificial intelligence, mfine’s endeavour has always been to make good health more accessible, reliable and hassle-free to all.
With the help of mfine, users can instantly consult doctors online and get health checks at home – all through the tap or click of a button.