MFine and LifeCell, Leading Players in Digital Health & Diagnostics, Announce Joint Venture, LifeWell
LifeWell Raises USD 80M from OrbiMed to Build Large Scale Healthcare Delivery Platform with Full stack Diagnostics
Digital Health platform MFine and LifeCell International Private Limited, India’s leading stem cell bank and reproductive genetic testing services provider, today announced a strategic joint venture whereby LifeCell’s diagnostics business and MFine will merge to form a new entity called LifeWell. Additionally, the entity has secured USD 80M investment from OrbiMed, a leading healthcare investment firm with approximately USD 18B in assets under management. LifeCell’s diagnostics business and MFine have a combined user base of more than Six Million and growing more than 100% year over year. With significant strategic investments and acquisitions lined up, LifeWell expects to serve more than 50 Million users over the next 4 years.
LifeWell’s growth strategy is to accelerate the organic building up of a nationwide lab network by onboarding high quality radiology and pathology lab assets through a roll-up process. The combination of full stack diagnostics and deep technology capabilities, through MFine, gives LifeWell a unique positioning in the fast-growing healthcare delivery market.
India’s healthcare delivery market, just considering Outpatient Care, is over USD 20B with 75% of the market still unorganized and largely not tech-enabled. Post-pandemic, healthcare services have increasingly become accessible via digital platforms and users expect seamless access to healthcare care practitioners, diagnostics, long-term care plans and personal health data.
MFine will continue to be the app platform and the consumer brand delivering digital healthcare services and tools. Tele-consultations, care plans, diagnostic tests, IP concierge, e-pharmacy and corporate subscriptions will continue to be offered on the MFine app. The capital raised will also be used for strategic investments in Insurance-tech and other partners that will give a boost to MFine’s fast growing corporate and insurance channel. With offline presence of the diagnostic lab partners and MFine’s digital health and at-home services, consumers will experience high quality omni-channel healthcare delivery. End-to-end health data will enable the platform to provide a more personalized care experience than the current siloed transactional approach.
Mayur Abhaya, MD & CEO, LifeCell International Private Limited
“As a seed investor in MFine, I've known Ashutosh & Prasad for a long time and have witnessed the development and growth of MFine as one of the leading digital health platforms. Overall healthcare delivery is transforming worldwide with the rapid adoption of new technologies such as Genomics and Digital Health. This combination paves the way to create a new market leader that meets the emerging customer expectations.”
Prasad Kompalli and Ashutosh Lawania, Co-founders, MFine
“It’s an exciting next phase of MFine’s journey. We created a technology platform and high-quality provider network that pretty much set the standards of care experience in digital health in India. With this joint venture, we see immense possibilities of delivering on-demand healthcare with outstanding consumer experience. We have the deepest respect for Mayur and LifeCell and how they have pioneered stem cell banking and other services. It is amazing to see how fast they could foray into and scale diagnostics capabilities. Together with them, we have an integrated care delivery experience that's unmatched and can scale rapidly across the country.”
Sunny Sharma, Partner and Senior Managing Director, OrbiMed Asia
“We see a large opportunity in India's healthcare delivery market with much of the market still unorganized and consumer demand for high quality services soaring. LifeCell and MFine are pioneers and leaders in their spaces, and together they should create one of the topmost healthcare delivery platforms in the country.”