mFine scoops up Rs 251 Cr in Series C round led by Beenext

On-demand doctor consultation platform mFine has raised Rs 251 crore or SGD 46.06 million in its Series C round led by existing backer Beenext and participated by several others. This is the second fundraise for the Bengaluru-based venture this year.

Beenext led the round with SGD 13.55 million Rs 74 crore while Helios Heritas and 57 stars Meditech have invested SGD 10.82 Rs 59 crore million and 9.51 million Rs 52 crore respectively, the company’s regulatory filings in Singapore show.

Existing investor SBI Ven Capital has put in SGD  8.11 million  Rs 44.2 crore whereas Seabright has invested SGD 2.71 million.  Rs 14.8 crore YS Investments has participated in the Series C round with SGD 1.35 million. Rs 7.4 crore

Founded in 2017 by Prasad Kompalli, Ashutosh Lawania, Ajit Narayanan, and Arjun Choudhary, Mfine provides medical consultations virtually along with ancillary services such as lab tests, medical guides and medicine delivery. The company claims to facilitate 300K consultations every month with a network of over 550 hospitals.

Importantly, Mfine’s co-founders Lawania and Kompalli got a partial exit of Rs 18.23 crore in September 2019. 

According to Fintrackr, the three-year-old firm had generated a total income of Rs 12.23 crore in FY20 with more than half these collections being earned through interest on deposits and mutual fund returns. Its operational revenue jumped 7.3X to Rs 5.12 crore in FY20. However, the company soaked into losses with a 3X spike to Rs 99.5 crore in the fiscal as compared to Rs 34.4 crore in FY19.

Ten months ago, Mfine had raised Rs 246.04 from existing shareholders in the ratio of their holdings. Entrackr had exclusively reported this in January. The company competes with Docsapp that merged with Medibuddy, Practo, 1mg and others.