Medwell Ventures Private Limited which acquired Bengaluru-based Nightingales speciality home healthcare services in India, has raised $10M funding from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston for a significant minority stake in the company. Details and structure of the deal were not disclosed. BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction.
Founded in 2014, Medwell is an innovative healthcare delivery system for chronic diseases in the out-of-hospital space. Medwell is focused on establishing a patient centric model. Medwell acquired Nightingales Home Health Services last year. Following the acquisition, Medwell has recently established operations in Hyderabad and is currently in the advanced stages of a Mumbai launch. It plans to build its network across ten metro clusters in India and increase its subscriber base to cover over 500,000 families.
The Nightingales team numbers more than 300 medical and paramedic professionals comprising of Doctors, nurses, physiotherapists, speech therapists and trained bedside paramedical caregivers specializing in chronic care disease management. The company is focused on ensuring excellence in patient health outcomes through a validated protocol and care plan driven approach for chronic diseases such as congestive heart failure, stroke management, chronic obstructive pulmonary disorders (COPD), wound care management for diabetics, dementia care, Alzheimer’s care and arthritic pain management. Vishal Bali, Chairman and Co-founder, Medwell Ventures says,
Over the next 15 years, chronic diseases will cost India Rs 280 trillion. We have a strong conviction that speciality home healthcare is one of the key solutions to managing the rising trend of high cost chronic diseases in the country. This investment by Fidelity is a validation of our model and a recognition of the evolving Indian healthcare delivery landscape.
The company’s focus on new models of care has also led to the start of an innovative home dentistry program. Nightingales has further established relationships with key medical technology providers to enhance its reach and effectiveness of service delivery.
Dr. Prem Pavoor, Managing Director at Fidelity Growth Partners India (FGPI) says,
This investment reflects FGPI’s keen interest in partnering with distinctive management teams to build leaders within still emerging segments in the healthcare and life sciences industry in the country. We see tremendous potential for a clinically focused, world-class provider of chronic care healthcare services at home. Fidelity is excited to partner with Vishal, Ferzaan, Lalit and Himanshu in this phase of Medwell’s growth.
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