MFine Success Story - Digitizing The Healthcare Sector

Sarika Anand Sarika Anand
Jan 11, 2022 11 min read
MFine Success Story - Digitizing The Healthcare Sector

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by mfine.

The focus of healthcare has been shifting towards the patient. The expansion of the health-tech industry is being driven by the availability of inexpensive healthcare paired with sustainable mobility. The medical technology business is growing due to changing terrain, improved healthcare delivery and funding methods, and a changing patient profile.

Even with all its flaws, India's healthcare system has a lot moving for it on several fronts. Artificial intelligence can conclude patient data to give decent healthcare thanks to a government-led campaign to convince medical professionals to embrace electronic health records.

MFine is an AI-powered on-demand healthcare startup that gives customers access to online appointments and hospital-based linked healthcare. Telemedicine and teleconsulting programs supplied through MFine are allowing medical knowledge to reach people much easily and conveniently.

Mfine - Company Highlights

Startup Name MFine
Headquarters Bengaluru, Karnataka, India
Industry Health Care
Founders Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, Prasad Kompalli
Founded 2017
Areas Served India
Current CEO Prasad Kompalli

About MFine
MFine - Latest News
MFine - Industry
MFine - Name, Logo, and Tagline
MFine - Founders
MFine - Startup Story
MFine - Vision and Mission Statement
MFine - Employees
MFine - Business Model and Revenue Model
MFine - Funding, and Investors
MFine - Growth
MFine - Competitors
MFine - Challenges Faced
MFine - Future Plans
MFine - FAQs

About MFine

MFine is an AI-powered on-demand healthcare startup that gives customers access to online appointments and hospital-based linked healthcare. Users can contact paediatricians, gynaecologists, obstetricians, and physicians from leading hospitals of their choice through chat or video to acquire prescriptions and/or routine treatment using the company's service.

The doctors have exposure to a proprietary Assistive Intelligence platform that analyses symptoms and provides an accurate prediction for specialists to evaluate patients. This implies that the doctor is aware of the patient's condition even before they visit them, allowing for a quicker and more accurate diagnosis.

MFine aspires to make obtaining reliable healthcare simple, quick, and preventative. MFine was created by keeping the customer experience in mind, using a combination of cutting-edge technologies and collaborations with the finest medical centres.

MFine enables rapid and ongoing communication with the greatest doctors in the best hospitals. It makes use of cutting-edge technology to keep track of your health indicators and to keep all of your health data under your control and accessible. Digital wearables, smartphone apps, and at-home services provide much-needed ease and speed in bringing you the treatment you need when you need it.

MFine - Latest News

As of April 2021, MFine has released MFine Pulse, a mobile application that can check blood oxygen levels with just a finger and a flash.

The technology, named MFine 'Pulse,' is now in beta testing for Android users and will be for iOS in a few weeks. Even though clinical studies for the tool are still ongoing, the tool looks to be promising, with an accuracy rate of 80%, according to a news release.

Thousands of customers are using the tool in the company's Android beta rollout, generating hundreds of assessments every day that are put into machine learning techniques, which CTO Ajit Narayanan believes will increase the tool's precision in the months ahead.

"For now, the goal is to make our SpO2 monitoring tool as accurate, if not more accurate, than pulse oximeters available at the pharmacy," Narayanan said.

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MFine - Industry

According to research, India’s health market is predicted to develop at a 39 percent growing at a cagr (CAGR) from FY2020 to FY2023, reaching US $50 billion by 2033.

The health-tech market is presently valued at over $2 billion, and it is divided into six segments: telemedicine, e-pharmacy, fitness, wellness, healthcare IT, analytics, home healthcare, and personal health management. This represents less than 1% of India's total healthcare business.

"The pandemic and adoption of technology in healthcare have brought a quantum shift in the sector. In recent years, we have seen some of the most significant deals, and the Indian health-tech sector has received close to $1.6 billion in funding since 2017," said Rajeev Shah, MD, and CEO of RBSA Advisors.

According to the estimate, the Indian health-tech industry would reach $5 billion in 2023 and $50 billion in ten years. With $700 million in revenue in 2020, e-pharmacies was the most profitable segment of the Indian health-tech market, followed by B2B health-tech ($60.2 million), B2B medical supplies ($28.8 million), other health-tech services ($100 million), e-diagnostics ($70 million), and teleconsultation ($45 million).

Machine learning, robotics, and artificial intelligence, wearables, and on-body gadgets, and blockchain, among other technologies, will have a significant impact on the future of healthcare. The use of cloud infrastructure in healthcare record management, as well as a greater focus on digitalization of patient medical records, is expected to accelerate.

MFine - Name, Logo, and Tagline

MFine, as the name implies, shows what the firm does for its consumers, namely, users may visit physicians online and receive health tests at home, all with the touch or click of a button.

mfine Logo
MFine Logo

MFine's slogan says, "MFine - one app for all your health needs."

MFine - Founders

MFine was founded by Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, Prasad Kompalli in 2017.

Founders of mfine - Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, and Prasad Kompalli
Founders of MFine - Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, and Prasad Kompalli

Ajit Narayanan

Ajit Narayanan
Ajit Narayanan

Ajit is an electronics engineer with over 2 decades of experience in product development and organization building in e-commerce, consumer internet, mobile, healthcare, analytics, and integration platforms.

As a co-founder and CTO of MFine, Ajit is in charge of the company's product and technology strategy. Ajit was the CTO of Myntra, India's largest e-commerce shop for fashion and leisure items, in a prior life. Ajit began his career in mobile technology at SAP, where he developed solutions for offline and online mobile application development, as well as domain programming languages for User Interfaces and API administration.

Arjun Choudhary

Arjun Choudhary
Arjun Choudhary

Arjun Choudhary, an IIT Roorkee alumni with over 10 years of expertise in sales, revenue, and growth, is in charge of the company's strategic business expansion. Before joining MFine, he worked at Myntra as a Senior Director of Growth and Sales, where he helped the company grow by 50 times. He's also worked as a global capacity planning analyst for Amazon.

Ashutosh Lawania

Ashutosh Lawania
Ashutosh Lawania

Ashutosh Lawania is a software application developer and digital marketer with over 15 years of expertise. He is one of the cofounders of the healthcare app MFine. He is also the co-founder and head of sales and marketing at Myntra, an Indian e-commerce website where men and women can buy branded footwear, clothes, and accessories.

Before joining Myntra, Lawania co-founded Bytedge Solutions, a product engineering firm that specializes in assisting product development firms and startups with their product engineering and go-to-market processes. Lawania graduated from the Indian Institute of Technology in Kanpur with a bachelor's degree.

Prasad Kompalli

Prasad Kompalli
Prasad Kompalli

Prasad Kompalli, the former CBO of Myntra and Senior VP of SAP Labs, believes in harnessing technology for innovation, and his area of expertise is business strategy. He was a member of SAP's top 200 worldwide executives, holding positions in strategy and general management. He completed his post-graduate studies in business management at the European School of Management and Technologies (Berlin), IMD Switzerland, and INSEAD France, and he possesses 7 patents in data and mobile technology.

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MFine - Startup Story

Ashutosh Lawania and Prasad Kompalli, both former top executives of Myntra, chose to start from scratch at the end of 2016. They'd helped Myntra grow into a great e-commerce consumer brand, but they noticed something similar was missing in healthcare. That was how MFine's idea came to their mind.

MFine was founded in February 2017 as a healthcare platform. While they were not strangers to founding a business, MFine was a new experience for them. "It wasn't easy persuading folks to join us and work with us when MFine was simply a notion on paper," explains Kompalli.

Conversations with hospitals revealed that the customer experience needed to be improved.

"They needed an easy interface with limited typing, so we came up with a health keypad which collects data from reports without the user having to type. We ran a beta program and the results were promising,” Kompalli say

It was difficult for anyone without a medical or healthcare background to break into the healthcare ecosystem. Catching the early adopters, according to the creators, was challenging. People, on the other hand, quickly adapt to accessibility and ease.

The business accepts 100-120 cases every day from a variety of specialities. The business has collaborated with 20 hospitals in Bengaluru and has 70 doctors across ten specialities, offering voice, video, and chat support. The company's founders are currently focusing on chronic illness management and the use of IoT to link medical equipment.

MFine - Vision and Mission Statement

MFine's mission statement is to make quality healthcare available to consumers at scale.

MFine's vision has always been to make excellent health more accessible, dependable, and hassle-free for everyone, driven by a love for providing care, spurred by an uncompromising emphasis on quality, and guided by ground-breaking artificial intelligence.

MFine - Employees

  • Prasad Kompalli - Co-Founder & CEO
  • Ashutosh Lawania - Co-Founder
  • Ajit Narayanan - Chief Technology Officer and Founding Member
  • Arjun Choudhary - Β Founding Member and Chief Business Officer
  • Jagadish Prasad - Chief Medical Director

MFine - Business Model and Revenue Model

Instead of collecting individual physicians on its platform, MFine uses a unique methodology of working with prominent and trustworthy institutions. MFine can provide high-quality treatment from trustworthy doctors via a digital channel because of its hospital affiliations.

Gynaecology, dermatology, paediatrics, cardiology, and general medicine are among the app's most popular specialities. Commissions from client consultations, lead-generation fees from hospitals, and corporate tie-ups are the main sources of revenue for the firm. It also has partnerships with local hospitals to provide accessible and dependable medical treatment.

MFine earns money by acting as a digital extension of its healthcare partners. That is, it deducts a portion of consumer expenditure. The firm claims to deal with over 500 doctors from 100 "elite" institutions, with a strong emphasis on technology.

MFine - Funding, and Investors

Date Round Amount Lead Investors
Aug 31, 2021 Series C β‚Ή3.6B BEENEXT, Moore Strategic Ventures
Jan 18, 2021 Venture Round $16M Heritas Capital
Aug 31, 2020 Series B β‚Ή395.5M Caretech Pte Inc
Jul 2, 2019 Debt Financing $4.5M Alteria Capital
Apr 22, 2019 Series B $17.2M SBI Ven Capital
May 17, 2018 Series A $4.2M Prime Venture Partners
Sep 1, 2017 Venture Round $1.5M Stellaris Venture Partners

MFine - Growth

Over 3 million customers have used MFine services since its debut, with over 300,000 monthly transactions including medical consultations, diagnostic testing, e-pharmacy, and in-patient treatments. Mfine introduced a new layer to its virtual doctor consultations in October 2018 by connecting with laboratory and diagnostic services, giving its customers access to more than 700 diagnostic centres in 400 locations throughout India.

Every month, over 100,000 people utilize MFine to schedule diagnostic testing. More than 6000 physicians, including some of India's best, work in over 700 reputable institutions and assist millions of people in over 1000 locations around the country.

Since the outbreak of the COVID-19 epidemic and a rise in the uptake of digital health among Indians, MFine has grown 15% month on month. MFine is substantially investing in technology to make the telemedicine experience much easier and more effective for providing high-quality treatment.

MFine developed an app-based SPO2 solution in early 2021, allowing users to monitor their oxygen levels without the requirement of separate equipment. Since then, the program has been utilized by over 250,000 people, with thousands more using it regularly. MFine will be adding heart rate and blood pressure monitoring to the product in the coming months.

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MFine - Competitors

MFine's top competitors include SeamlessMD, Happytal, Helium Health, DocsApp, Lybrate, Doctor Insta, and Ferrum Health.

MFine - Challenges Faced

The platform includes a sophisticated web of hundreds of machine learning algorithms and techniques across vision, hearing, and language processing modalities, allowing the virtual doctor to interpret data from numerous sources and propose the best next actions to the doctor.

According to Kompalli, the current problem is scaling innovation now that the prior hurdle of convincing people to switch to digital healthcare has passed. "We're now facing innovative hurdles, such as how quickly we can scale up the ideas we made in the mobile and AI sector."

In addition, the corporation is putting a lot of money into the platform's AI capabilities.

They are working on inference capabilities to diagnose based on symptoms, patient history, and other data provided during the consultation, as well as computer vision capabilities to scan and automatically digitize diagnostic papers and interpret symptoms. Skills are being considered, such as determining the type of infection based on the sound of a cough, among other things.

MFine - Future Plans

MFine intends to treble its investment in Machine learning and artificial intelligence, mobile engineering, and device integration with this cash. Aside from that, it plans to grow its hospital network across the country and scale up newly released services like prescription delivery, preventative health screenings, and diagnostic testing.

In total, the health tech company has collected approximately $38 million in numerous stages. It aimed to expand its virtual network to Delhi-NCR, Mumbai, Chennai, and Kolkata with its Series B financing in 2019, which they did.

MFine's on-demand healthcare platform allows users to obtain virtual consultations and linked care programs from a network of hospitals. It was founded in 2017 by former Myntra executives Ashutosh Lawania and Prasad Kompalli, who were subsequently joined by Ajit Narayanan and Arjun Choudhary.

Instead of aggregating doctors, it works with hospitals, allowing customers to consult doctors from their favourite hospitals through chat or video and receive prescriptions and basic care.

On its portal, the firm claims to have a network of 4,000 doctors from 100 reputable institutions spanning 35 specialities. During the Covid-19 in 2020, the firm claims to have provided teleconsultation for over a million people. To meet demand, the firm extended beyond cities to 1,000 villages throughout India, offering AI-powered self-assessment, long-term care programs for chronic diseases, and membership perks to both individuals and businesses.

MFine - FAQs

When was MFine founded?

MFine was founded by Ashutosh Lawania and Prasad Kompalli in December 2017.

How does MFine make money?

Commissions from client consultations, lead-generation fees from hospitals, and corporate tie-ups are the main sources of revenue for the firm. It also has partnerships with local hospitals to provide accessible and dependable medical treatment.

What is the use of MFine?

Mfine is an AI-powered on-demand healthcare startup that gives customers access to online appointments and hospital-based linked healthcare.

Who founded MFine?

Mfine was founded by Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, Prasad Kompalli in 2017.

Which companies do MFine compete with?

Mfine's top competitors include SeamlessMD, Happytal, Helium Health, DocsApp, Lybrate, Doctor Insta, and Ferrum Health.

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