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Fidelity Invests $10 Mn For Stake In Medwell Ventures
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Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston have invested $10 million for a significant minority stake in Medwell Ventures Private Ltd , the operator of Bangalore based Nightingales Speciality Home Healthcare Services.
Terms of the transaction were not disclosed.
Established in March 2014, Medwell aims to create a new model of healthcare delivery for chronic diseases in the out-of-hospital space. Following the acquisition of Nightingales Home Health Services, Medwell has grown rapidly in Bangalore. It recently established operations in Hyderabad and will launch its Mumbai operations soon. The company plans to build its network across ten metro clusters in India and increase its subscriber base to cover over 500,000 families, an official statement said.
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. The company’s focus on new models of care has also led to the start of an innovative home dentistry programme.
The company was founded Vishal Bali, former Group CEO, Fortis Healthcare and Wockhardt Hospitals Dr. Ferzaan Engineer (former CEO of Quintiles India) and two senior industry professionals, Lalit Pai and Himanshu Shah.
“The healthcare delivery ecosystem in India needs innovative solutions with scalable business models. 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", said Vishal Bali, Chairman and Co-founder, Medwell Ventures.
Dr. Ferzaan Engineer, Joint-Chairman and Co-founder, Medwell Ventures commented: “Nightingales focuses on providing technology-led solutions to serve its growing customer base across India in a consistent and scalable manner. Fidelity's global experience and expertise in healthcare will help differentiate Nightingales' service offerings.”
Commenting on the transaction, Dr. Prem Pavoor, Managing Director at Fidelity Growth Partners India (FGPI) said, “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”.
BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction.