Bangalore, India-based digital healthcare startup Mfine announced a merger with the diagnostic business of Lifecell International. The new entity is called LifeWell. Lifewell also raised USD 80 million in a recent funding round. New York-based, healthcare-driven venture capital OrbiMed led the funding for LifeWell. The round took place on July 11, 2022.
Purpose of Funding and the Merger
With the recent merger, LifeWell would receive access to LifeCell’s diagnostic capabilities along with MFine’s technology capabilities. Mfine intends to serve as the digital arm of Lifewell. The merged entity seeks to build a nationwide lab network.
The latest capital infusion would aid LifeWell with strategic investments in insurance tech and other partners. This, in turn, would help MFine’s corporate and insurance business channels.
Both the companies will now enjoy a user base of more than six million. Besides, it is expected to grow over 100 per cent a year over the next six years. However, as a part of the deal, Mfine continues to remain the app and consumer brand for digital healthcare services. It will provide services such as teleconsultations, care plans, diagnostic tests, IP concierge, e-pharmacy and corporate subscriptions.
What the co-founders of Mfine have to say
“So we have built a new joint venture, a new entity, between a part of LifeCell’s diagnostics business and MFine to create a large-scale digital health services platform but with more lot more full-stack digital capabilities in the diagnostics space,” said Prasad Kompalli, co-founder at Mfine.
Prasad Kompalli and Ashutosh Lawania, co-founders of MFine, said, “We created a technology platform and high-quality provider network that pretty much set the standards of care experience in digital health in India. With this joint venture, we see immense possibilities of delivering on-demand healthcare with outstanding consumer experience.”
What Lifecell International has to say
“You can see players are becoming more full-stack. Pharmeasy just had an online pharmacy, but then they onboarded Thyrocare, which got them the diagnostics business. Apollo did that with their own ventures. So this initiative is the same. MFine has a lot of customers but depends on third-party providers to meet their needs. It will be offline customers who walk into the collection centres, in which they do testing with us. Then they will be onboarded onto the MFine platform,” said Mayur Abhaya, managing director and chief executive officer, LifeCell International.
“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. 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 further added.
What the Investor has to say
Sunny Sharma, the partner and senior managing director, OrbiMed Asia, said, “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.”
About Mfine
The Bangalore, India-based Mfine was set up in 2017. Former co-founder of Myntra Ashutosh Lawania and former chief business officer at Myntra Prasad Kompalli are the founders of the company. Previously in May 2022, the company fired around 500 employees. Since then, it has struggled to raise funds. Practo, Portea and Apollo etc., are the competitors of Mfine.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
