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Mahindra Partners Invests in Medwell Ventures
Medwell, which currently serves in Mumbai, Bangalore, Hyderabad and Pune, with plans to build its network across 10 metro clusters in India, is one of the leaders in the sector at present
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Bangalore-based Medwell Ventures, an innovative healthcare startup that operates Nightingales specialty home healthcare services in India, said on Wednesday that it has received a Series B round of funding of $21 million led by Mahindra Partners with participation from existing investors, Eight Roads Ventures and US-based F-Prime Capital Partners.
This is the first investment by Mahindra Partners in the healthcare sector, where the company intends to have a greater participation going forward. The early angel investors and the founders of Medwell too had participated in this fresh round of investment in the homecare company.
“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," said Zhooben Bhiwandiwala, president - Mahindra Partners, while commenting on the investment.
Medwell had acquired The Nightingales Home Healthcare soon after the former's incorporation in 2014. The home-based healthcare services firm grew rapidly from a single branch in Bangalore in 2014 to 13 branches across 4 cities with a full-time team of over 1000 medical, paramedical and healthcare professionals. This expansion was mainly funded by a $10 million Series A round led by Eight Roads Ventures in May 2015. The company, which was promoted by a highly experienced team of healthcare professionals including former CEO of Wockhardt and Fortis Hospitals, Vishal Bali, Ferzaan Engineer, Lalit Pai and Himanshu Shah, has by now cumulatively raised about $35 million across its seed, series A and series B rounds.
“Over the last 2 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 4 years” said Lalit Pai, CEO, Nightingales Home Health Services
Medwell, which currently serves in Mumbai, Bangalore, Hyderabad and Pune, with plans to build its network across 10 metro clusters in India, is one of the leaders in the sector at present.
“We took an early position in creating a clinically driven home healthcare model. The closure of this round cements our conviction behind this opportunity to create India’s leading company in this space. In partnership with our world-class investors and the talented Nightingales team, we are confident about leading a paradigm shift in healthcare delivery in India,” said Vishal Bali, chairman, Medwell Ventures
It provides over 25,000 services each month and plans to support more than 1 million patients in the next few years. Besides its specialisation in chronic care disease management including congestive heart failure, stroke management, chronic obstructive pulmonary diseases (COPD), diabetes, dementia, Alzheimer’s disease and arthritis with health outcomes being monitored through a validated protocol-driven approach, it also now focus on an innovative home dentistry program.
It has also established relationships with key medical technology providers and invested substantively in ramping its information technology including the Nightingales patient app and electronic medical records for patients.