ET reported on May 23 that the startup had laid off about 500 employees, or about half of its workforce. Mfine is among many startups that have struggled to raise funds after a banner year in 2021.
The merged entity, called LifeWell, raised $80 million from the New York-based company
OrbiMed, a healthcare investment firm with approximately $18 billion in assets under management. OrbiMed also invested in PharmEasy in October last year as part of a $350 million funding round.
Mfine will be the digital arm of Lifewell, which will build a network of labs nationwide.
Mfine will remain the consumer app and brand for digital health services such as teleconsultations, care plans, diagnostic tests, IP concierge, online pharmacy and corporate subscriptions.
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The new capital will be used for strategic investments in insurance technology and other partners, the company said.
“We have created a technology platform and network of high-quality providers that pretty much sets the standards for digital healthcare experience in India,” said Prasad Kompalli and Ashutosh Lawania, co-founders of MFine. “With this joint venture, we see immense opportunities to provide on-demand healthcare with an exceptional customer experience.”
Mfine was founded in December 2017 by former leaders of Myntra, Lawania and Kompalli, who were later joined by Ajit Narayanan and Arjun Choudhary.
The company last raised $48 million in September 2021, co-led by Moore Strategic Ventures and Beenext, with participation from other investors including Stellaris Venture Partners,
Group Japan, SBI Ven Capital Singapore, among others.
“As a seed investor in MFine, I have known Ashutosh & Prasad for a long time and have witnessed the development and growth of MFine as one of the leading digital health platforms,” Mayur said. Abhaya,
Managing Director and Managing Director of LifeCell International . “Global healthcare delivery is transforming worldwide with the rapid adoption of new technologies such as genomics and digital health. This combination paves the way for the creation of a new market leader that responds to emerging customer expectations.
Mfine’s digital services include medical consultations, diagnostic tests, online pharmacy and hospitalization procedures. The company competes with companies like Practo, Portea and Apollo.
Last year, Mfine launched an app-based SPO2 (blood oxygen saturation) monitoring tool to allow users to track their oxygen saturation levels without an additional device. This year, the company added tools that help check blood pressure and glucose levels on the app.