Healthcare startup Mfine will merge with the diagnostics arm of genetic testing services provider Lifecell International in what is considered a distress deal.
OrbiMed, a healthcare investment company with over $18 billion in assets under management, has invested $80 million in the combined company, which is now known as LifeWell. Additionally, as part of a $350 million fundraising round in October last year, OrbiMed invested in PharmEasy.
Lifewell’s digital division, Mfine, will establish a network of laboratories across the country.
For digital healthcare services, including tele-consultations, care plans, diagnostic testing, IP concierge, e-pharmacies, and corporate subscriptions, Mfine will continue to be the app and consumer brand.
According to the company, the new funds will be invested strategically in insurance-tech companies and other partners.
“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.”
Mfine was founded in December 2017 by former Myntra executives Lawania and Kompalli, who Ajit Narayanan and Arjun Choudhary later joined.
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.”
Doctor consultations, diagnostic testing, e-pharmacy, and in-patient procedures are among Mfine’s digital offerings. The business competes with rivals such as Practo, Portea, and Apollo.
To allow customers to monitor their blood oxygen saturation levels without using a separate device, Mfine released an app-based SPO2 monitoring tool last year. This year, the company added resources to the app that make checking blood pressure and glucose levels more accessible.
