Medwell Ventures Private Limited, the operator of Nightingales speciality home healthcare services on Thursday said it has raised around $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences.
The company did not disclosed the terms of the transaction, however said, FGPI and Fidelity Biosciences have acquired a significant minority stake in the company through the deal.
Medwell an early mover in the home healthcare delivery segment was founded by Vishal Bali who was former Group CEO, Fortis Healthcare and Wockhardt Hospitals. Medwell Ventures was established in March 2014 by Mr Bali along with Dr. Ferzaan Engineer and Lalit Pai and Himanshu Shah entered the specialty homecare by acquiring Bangalore-based Nightingales Home Health Services.
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Commenting on the funding, Vishal Bali, Chairman and Co-founder, Medwell Ventures, said: “The healthcare delivery ecosystem in India needs innovative solutions with scalable business models. 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. The investment by Fidelity is a validation of our model and recognition of the evolving Indian healthcare delivery landscape.”
Presently, Nightingales operates in Bengaluru and Hyderabad and is in the advanced stages of its launch in Mumbai. Going forward, the company is planning to build network across ten metro clusters in India and increase its subscriber base to cover over 500,000 families.
The Nightingales team has more than 300 medical and paramedic professionals and plans to services to provide speciality home healthcare for chronic diseases congestive heart failure, stroke management, chronic obstructive pulmonary disorders among others.
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Commenting on the transaction, Dr. Prem Pavoor, Managing Director at Fidelity Growth Partners India (FGPI) said, “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.”