6th April, 2017 | YourStory
Medwell Ventures Private Limited, the operator of Nightingales specialty home healthcare services in India, has raised $21 million in Series B round led by Mahindra Partners, which it claimed to be the first investment in the healthcare sector.
The round also saw participation from existing investors Eight Roads Ventures and US-based F-Prime Capital Partners, alongside early angel investors and the founders.
Commenting on the investment, Zhooben Bhiwandiwala, President - Mahindra Partners, said:
“Our aim is to build and grow great companies. The demand for home delivery of chronic care services is slated to continue to increase. The healthcare sector has tremendous growth potential and we will continue to play a more active role in the industry.”
In May 2015, Eight Roads Ventures led $10 million in Series A round in Medwell Ventures. The company has overall raised about $35 million across its seed, series A, and series B rounds.
The Nightingales Home Healthcare business has grown from a single branch in Bengaluru in 2014 to 13 branches across four cities with a full-time team of over 1,000 medical, paramedical, and healthcare professionals.
The company has established a leadership position in specialty-led home healthcare delivery, providing out-of-hospital care plans for patients with chronic diseases. Nightingales currently serves Mumbai, Bengaluru, Hyderabad, and Pune, with plans to build its network across 10 metro clusters in India.
Medwell Ventures is promoted by Vishal Bali, Chairman; Dr Ferzaan Engineer, Joint Chairman; Lalit Pai, CEO, and Himanshu Shah, CFO.
Nightingales Home Healthcare Services provides over 25,000 services each month and plans to support more than one million patients in the next few years. The Nightingales team comprises doctors, nurses, physiotherapists, speech therapists, and trained bedside paramedical caregivers specialising in chronic care disease management.
They develop care plans for chronic diseases such as congestive heart failure, stroke management, chronic obstructive pulmonary diseases (COPD), diabetes, dementia, Alzheimer’s disease, and arthritis. The company currently is focusing on creating a home dentistry programme. Nightingales claims to have invested significantly in ramping its information technology including the Nightingales patient app and electronic medical records for patients.
“Over the last two years, we have not only scaled our presence in multiple cities but have also built a strong foundation for rapid expansion. We are witnessing strong consumer demand for our services in our current markets and this investment will accelerate our growth in the next four years,” said Lalit, CEO of Nightingales Home Health Services.
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