Mfine, an India-based online healthcare services platform, has secured $48m in a series C round featuring financial services firm SBI Group and its SBI Ven Capital Singapore subsidiary, YourStory reported today.
Moore Strategic Ventures and BeeNext co-led the round, which included Stellaris Venture Partners, Heritas Capital, Prime Venture Partners, Y’S Investment and Alteria Capital.
Founded in 2017, Mfine has developed an app-based platform where healthcare providers can speak to patients remotely through chat and video calls, as well as prescribe and order medication and access diagnostic and testing services virtually.
Mfine will use the funding to expand its digital consultation platform and e-pharmacy network with a view to create what it calls one of the largest virtual hospitals in the world. Earlier this month, DealStreetAsia reported it had secured $34m for the series C round, adding 57 Stars and Seabright to its investors.
The company received $16m in a January 2021 funding round led by Heritas Capital as the covid-2019 pandemic pushed medical consultations further into the remote sphere. SBI Investments and SBI Ven Capital filled out that round alongside Y’S Capital, BeeNext and Alteria Capital.
SBI Group had previously led a $17.2m series B round for Mfine in April 2019 through SBI Investments, a round in which SBI Ven Capital also participated along with Beenext, Prime Venture Partners and Stellaris Venture Partners.
The company raised $4.2m in a 2018 series A round led by Prime Venture Partners that also featured Stellaris and private investor Mayur Abhaya, the last two having also backed its $1.5m seed round in 2017.
