Digital healthcare startup‘s loss in FY 2021–22 doubled to Rs 206 crore following a similar increase in expenses as the company spent on acquisitions and expansions.
Standalone income surged to Rs 53.5 crore in FY22 from Rs 13.4 crore in the year prior. Gross expenses, however, increased to Rs 259 crore from Rs 116 crore.
Founded in 2017 by Prasad Kompalli and Ashutosh Lawania, Bengaluru-based MFine offers online doctor consultations. It has over three million users, and the platform says it is clocking over 300,000 transactions per month, including doctor consultations, e-pharmacies, diagnostic tests, and in-patient procedures.
In 2021, MFine raised $48 million in Series C to build virtual hospitals and make high-quality healthcare more accessible and effective with the use of AI (artificial intelligence) and mobile technologies. It has raised around $97 million so far and was last valued at $450 million.
The startup reportedly trimmed around 75% of its total workforce in 2022.
MFine has more than 6,000 doctors on its platform from over 700 reputed hospitals, practising across 35 specialties.
Edited by Affirunisa Kankudti