PE Fund Investments
Healthtech startup Mfine acquired by LifeCell; OrbiMed invests $80-M in merged unit
Bengaluru-based digital health platform Mfine will merge with Chennai-based LifeCell International's diagnostics business to form a new venture called LifeWell. The merged entity has raised USD 80 million from OrbiMed, an existing investor in LifeCell . The funds raised by LifeWell would be used for strategic investments in insurance-tech and other partnerships that would help MFine's corporate and insurance business channels. Mfine would continue to exist as the consumer-facing brand under the new entity. LifeWell would leverage LifeCell's diagnostic capabilities and MFine's technology capabilities to build a nationwide lab network by onboarding radiology and pathology lab assets through a roll-up process. LifeCell's diagnostics business and MFine would have a combined user base of more than six million. LifeCell International is a biotechnology company established in 2004. It runs India's largest stem cell bank and has also diversified into diagnostics and tissue therapeutics.
From the Venture Intelligence PE-VC Deal Database: Between Sept-17 and Sept-21, Mfine had raised over USD 104 M from Heritas Capital, 57 Stars, Moore Strategic Ventures, Alteria Capital, Beenext, Stellaris Venture Partners, SBI Ven Capital and Prime Venture Partners. In Sep-21, LifeCell had attracted USD 34.5 M from OrbiMed. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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