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16th May, 2018 | ET Bureau
CHENNAI: Nightingales Home Health Services has been growing at a CAGR of 55% in the last four years said Vishal Bali Co-founder & Chairman of Medwell Ventures, which operates the company. Medwell Ventures was started by Vishal Bali, former group CEO of Fortis HealthcareNSE 4.36 % in 2014 and the company acquired Nightingales, then a Bengaluru based company in the same year.
“I see this kind of growth continuing as the first three years were more as our investment years, we have picked up enough capital and created a model. We are creating a professional team at the top deck. We are also looking at inorganic opportunities for growth,” said Bali. Bali also holds the position of Asia Head – Healthcare, TPG Growth, a leading global private equity organisation.
The speciality home healthcare service delivery recently established a unit in Chennai. Narasimha Jaykumar, CEO, Nightingales said, “Chronic diseases are a key healthcare issue in Chennai with a high re-hospitalisation rate...With more than 60% of hospital beds currently present in central Chennai we see post hospitalisation care as an integral offering from Nightingales.”
Co-founder Bali said stroke management at home which requires a combination of interdisciplinary medical care services will be a key growth area for the company, followed by Chronic obstructive pulmonary disease related care and diabetes management. He expects the home healthcare care segment to grow from a $2 billion market opportunity in 2014 to $6 billion by 2020 in India.
Nightingales has been in the home health sector since 1996 in Bangalore. Post the acquisition of the company by Medwell it forayed into the specialty home healthcare services in segments like pulmonology, cardiology, neurology, metabolic diseases, orthopaedics, geriatrics care and post-operative rehabilitation.
In May 2015, Eight Roads Ventures funded $10 million in a Series A round in Medwell Ventures. A series B-round of $ 21million followed in 2017 by Mahindra Partners. The company has overall raised about $35 million across its seed, series A, and series B rounds
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