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Health is an essential asset for humans. It is very important to take care of one’s health. Otherwise one has run for hundreds of hospitals for treatments.
It is very tedious to job to find the best doctors. Sometimes it is so annoying to wait at hospitals for treatments. One has to wait all day long for his turn.
But, an outbreak of corona in 2020 made all health-conscious. Then the entire country was under lockdown.
So, everyone finds it difficult to consult doctors. Even stepping out of their home is something challenging task.
Then to consult doctors everyone turns around online. Thereafter, everyone approached doctors online
Here is completer analysis of Mfine startup story.
Mfine startup story
Mfine is a health-tech startup found in 2017. It provides a platform to consult the best doctors online via video calls. Their technology made it simple and easy for both doctors and patients.
This health-tech startup got a lot of prominence during the pandemic. Then Mfine provides the best of their services with supreme experience.
The days are gone to wait for the best doctors for months. But now it is so simple and fast. Within few clicks, in the Mfine app, you can just connect to the best of the doctors.
Prasad Kompalli and Ashutosh Lawania are the founders of Mfine. They both are former employees of Myntra. These two realize the prominence of health and always had a desire to impact society.
So, in 2017 Prasad and Ashutosh launched Mfine 2017. With the help of technology they both revolution the health tech sector. The Mfine company got a lot of traction during the pandemic.
Mfine startup story sets an example for many budding entrepreneurs.
Mfine startup story: services
Mfine is one of the best platforms to consult doctors online. This company made a partnership with the best hospitals. So, one finds doctors of Forties and AIIMS in this app.
So far, Mfine had partnered with over 550 hospitals. Thus one can just find top doctors at any time. Even on this platform, there are more than 4000 doctors. Mfine provides more than 35 specialties.
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Technology
Mfine is greatly driven by its technology. The company leverages its tech part so to provide the best services.
With the special help of Artificial Intelligence (AI) and Machine Learning (ML), doctors can diagnose patients accurately.
These platforms record patients’ health history and made it available for doctors during consultation.
So, this feature helped a lot of doctors with treatment. Thus doctors get an accurate understanding of the patients.
Even in a pandemic, Mfine attempted to launch a new service, one can easily find oxygen saturation level via this platform. It is still in the trial stage. Even they got 80% accuracy through this test.
Services
Mfine is the one-stop solution. So one can get all the services they want. Here the few essential Mfine services
- Order medicines: One can easily order medicines online by uploading the prescription. They get the medicines in no time.
- Home Lab test: This platform provides lab tests at home. To help people not get out of their house during a pandemic.
- Scans and Xrays: From this platform one can easily book a diagnostic center for Xrays at affordable prices.
- Covid-19 care: Mfine have all the essential test requires for the treatment and identification for corona.
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Mfine specialties
This platform has more than 35 specialties like
- Physician
- Women’s Health
- Skin and Hair Specialist
- Children Specialist
- Dietitian
- Physiotherapist
- Mental Wellness
- Men’s Sexual Health
- Endocrinologist
- Rheumatologist
- Neurologist
- Cancer Care
These are some of the essential services provided by Mfine.
Mfine startup story: Fundings
Health-tech startups got prominence in this pandemic. This health-tech space worth $5 billion by 2023. So every investor realizes the potential of this space.
Mfine is one of the leading contenders in the health-tech space. As every investor is keenly investing in this venture.
Recently, Mfine raised $16 million in funds lead by Heritage Company. Even other investors like BEENEXT, Alteria, SBI Ven Capital, and SBI investments took part in the investments.
This amount will be used for the expansion and development of technology.
Mfine Competitors
Health-tech space is full of competitions. There is a huge demand for e-health platforms. Even Mfine has a lot of competitions like
Practo
It is one of the leading e-health startups. This platform helps people to find doctors and make their appointments.
Practo was found in 2008. Till now it has its presence in more than 20 countries. Then it made more than 1 lakh partnerships with the doctors. Further, it serves over 30 crores of patients every year.
1mg
1mg is a platform to order medicine online and was found in 2015. Prashant Tandon, Gaurav Agarwal, and Vikas Chauhan are the founders of 1mg.
They serve across 1000 cities across India. After the outbreak of the pandemic, 1mg gave prominence to online consultation with doctors and book lab tests in diagnostic centers.
1mg had been successful and made a lot of revenue in 2019 of 541 million. They have a user base of around 5 million. TATA had recently acquired 55% of stakes around and owns the company.
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PharmEasy
This platform lets the consumer order medicines online. Dhaval Shah and Dharmil Sheth are the founders of Pharmacy. Recently it acquired Medlife to expand its services.
Now PharmEasy gives services to book lab tests and orders health supplements to improve immunity.
PharmEasy is a unicorn and had a valuation of around $1.5 billion. This platform had more than 1 lakh medicines and served more than 50 lakhs of families.
Netmeds
Netmeds is an e-pharmacy platform. It also expands its services for booking lab tests on its platform.
Even Reliance Industries acquired 60% of the stake of Netmeds for 620 crores. This acquisition empowers Netmed to become a strong contender in the e-health space.
These all companies are the competitors for the health-tech space. So Mfine has to compete with these big companies.
In this way, Mfine provides valuable service to the people. People in rural places can easily access this platform via the internet.
Otherwise, they have to rush to distant hospitals 40 to 50 KM away. This platform greatly empowered the common people and made it accessible to reach top doctors with few clicks.