LifeWell raises $80 M from OrbiMed to build Large Scale Healthcare Delivery Platform with Full stack Diagnostics
Digital Health platform MFine and LifeCell International, India’s leading stem cell bank and reproductive genetic testing services provider, 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 $ 80M investment from OrbiMed, a leading healthcare investment firm with approximately $ 18B in assets under management. LifeWell expects to serve more than 50 Million users over the next four years.
The combination of full stack diagnostics and deep technology capabilities, through MFine, gives LifeWell a unique positioning in the fast-growing healthcare delivery market.
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 the 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 personalised care experience than the current siloed transactional approach.
Mayur Abhaya, MD and CEO, LifeCell International, “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 said, “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 for delivering on-demand healthcare with an 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.”
