Digital healthcare startup Mfine’s losses blows up to Rs 206 Crore in FY22
- ByStartupStory | January 30, 2023
Mfine, a digital healthcare startup’s loss has more than doubled to Rs 206 crore in FY 2021-22, due to a similar increase in expenses as the company spent on acquisitions and expansions.
In FY22, standalone income increased to Rs 53.5 crore, up from Rs 13.4 crore the previous year. However, gross expenses increased from Rs 116 crore to Rs 259 crore.
MFine, a Bengaluru-based startup founded in 2017 by Prasad Kompalli and Ashutosh Lawania, provides online doctor consultations. It has over three million users and claims to handle over 300,000 transactions per month, which include doctor consultations, e-pharmacies, diagnostic tests, and in-patient procedures.
MFine raised $48 million in Series C funding in 2021 to build virtual hospitals and use AI (artificial intelligence) and mobile technologies to make high-quality healthcare more accessible and effective.
It has so far raised approximately $97 million and was last valued at $450 million. In 2022, the startup reportedly reduced its total workforce by 75%.
MFine has over 6,000 doctors from over 700 reputable hospitals practising in 35 specialties on its platform.
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