BENGALURU: Digital health platform MFine, which has been facing financial constraints, has merged with LifeCell’s diagnostics business. Together, the joint entity ‘LifeWell’ has raised an $80 million investment from OrbiMed, a healthcare investment firm.
Both have a combined user base of over 60 lakh, and the entity is growing over 100% Y-o-Y. With strategic investments and acquisitions lined up, LifeWell expects to serve more than 5 crore users over the next 4 years. Mayur Abhaya, MD & CEO, LifeCell International said, “Overall healthcare delivery is transforming worldwide with the rapid adoption of new technologies such as Genomics and Digital Health.”
Founded in 2017, in May this year, MFine laid off over 400 employees citing financial constraints. India’s healthcare delivery market, just Outpatient Care, is over $20 billion with 75% of the market still unorganised and largely not tech-enabled, the company said.
Post-pandemic, healthcare services have increasingly become accessible through digital platforms. MFine will continue to be the app platform. The capital raised will also be used for strategic investments in insurance-tech.