MFine merges with LifeCell to form a new entity, raises $80 million

Digital health platform, MFine has recently merged with LifeCell International’s diagnostics business based in Chennai to form a new joint venture known as LifeWell.

Confirming the move, Prasad Kompalli, Co-Founder, MFine, said that the firm has introduced a new entity, a joint venture between LifeCell’s diagnostics business and MFine for building a large-scale digital health services platform with more full-stack digital capabilities in the diagnostics landscape.

Kompalli told that MFine restructured its business recently to work more in profitable areas like corporate business, customer acquisition via channels like insurance partnerships and reducing the focus on healthcare kind of services.

Together, LifeCell’s diagnostic business and Mfine would have a joint user base of around six million, said Kompalli, adding that he expects it to grow by 100% every year for the coming six years.

In a recent funding round, LifeWell secured $80 million from OrbiMed, a healthcare capital investment company, with around $18 billion in assets under management.

As a brand, MFine would remain the consumer-facing platform under the new joint venture LifeWell, Mr. Prasad added, without providing any other details related to the other financial details of the deal.

LifeWell would be utilizing the diagnostic capabilities of LifeCell and the technology capabilities of MFine for building a lab network nationwide by onboarding radiology and pathology lab assets via a roll-up process.

Mayur Abhaya, chief executive officer and managing director, LifeCell International, said that main players are now becoming full-stack. MFine has a strong customer base but relies on third-party providers to satisfy their needs. He said that offline customers will first walk into the collection centers, in which they do testing with LifeCell, and then they will be directed to the MFine platform.

Source Credit – https://www.moneycontrol.com/news/business/startup/distressed-healthcare-startup-mfine-merges-with-lifecell-internationals-diagnostics-arm-8808811.html

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