12-07-2022, MFine has merged with LifeCell International’s diagnostic division to breathe life into a new company – LifeWell. OrbiMed has contributed $80 million to a fresh round of funding for the joint venture. The fresh capital will be used for strategic investments in insurance-tech and other partners, the MFine leadership said. In a joint press statement, MFine and LifeCell pegged their combined user base to over six million. They shared that they are expanding at a clip of over 100% annually.
LifeWell will aim to evolve into a full-stack digital health platform for the diagnostic sector, and cater to a market comprising 50+ million heads over the next 4 years through substantial strategic investments and acquisitions. As the digital arm of Lifewell, MFine will build a nationwide lab network, and will remain the app and consumer brand for digital healthcare services like tele-consultations, care plans, diagnostic tests, IP concierge, e-pharmacy and corporate subscriptions.
"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 were later joined by Ajit Narayanan and Arjun Choudhary. MFine, an on-demand, pureplay digital primary healthcare marketplace and platform offers professional diagnostics and health check-up services that can be availed from the comfort of anywhere, has been steadily redefining the primary healthcare sector. Mfine is financed by Moore Strategic Ventures. The company last raised $48 million in September 2021, co-led by Moore Strategic Ventures and Beenext, with participation from other investors such as Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, among others. The firm has been optimizing operations and streamlining costs (involving layoffs) in recent times to increase the runway .
LifeCell is a leading player in areas like infections, preventive healthcare, genetic and cytogenetic tests for prenatal and newborn health, tissue derived healing products, women’s health and elderly care. LifeCell is over 20X larger than MFine in terms of income, and has raised roughly half of MFine’s total investment. LifeCell’s main line of business is stem cell banking, which in FY21 produced almost 60% of the operating income or Rs 139 crore. The team leverages the power of advanced technologies around cells, genes and tissues to deliver industry-leading services towards propelling and enabling the best future for every generation.
A fundraising round headed by healthcare investment company -OrbiMed Asia Partners IV netted Chennai-based Lifecell Rs 255 crore ($33.5 million) in September 2021. Helion Venture Partners, Brand Capital, and the company’s founders are among investors to have pumped in roughly $40 million into the initiative.
*This press release is published by VOH team.*
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