MFine provides users access to virtual consultations with doctors. Credit: National Cancer Institute on Unsplash.

Digital health startup MFine has raised $48m from Series C funding round to build a virtual hospital in India.

The funding round was co-led by Moore Strategic Ventures and BEENEXT.

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Other existing investors that participated in the funding round include SBI Ven Capital Singapore, Prime Venture Partners, SBI Group Japan, Heritas Capital, Stellaris Venture Partners, Y’S Investment Pte and Alteria Capital.

MFine aims make to healthcare accessible and effective by using AI and mobile technologies.

It plans to use the proceeds from the new round to expand its hospital, diagnostics and e-pharmacy network across the country.

The funding will also be used to develop tech-driven care delivery products for acute and chronic conditions patients.

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Founded in December 2017, MFine is an AI-driven, on-demand healthcare platform that provides users access to virtual consultations with doctors from their preferred hospitals through chat or video to get prescriptions and/or routine care.

The platform also allows users to book routine lab tests, medicine delivery and access comprehensive health packages.

MFine CEO and co-founder Prasad Kompalli said: “In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too.

“We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors.

“We will also be looking to expand our network across India and make our services available widely.”

In October 2018, the company  added another aspect to its virtual doctor consultations by integrating laboratory and diagnostic services.

The company provides its users access to over 700 diagnostic centres across 400 cities in India.