Medwell Ventures raises $10 m fund

Medwell Ventures, the operator of Nightingales Home Healthcare Services, which is co-promoted by former Fortis Healthcare Group CEO Vishal Bali, has raised $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences.

In an interaction with Deccan Herald, Bali said home healthcare in the country is picking up and the funding will help the company register exponential growth by forming a robust template and technology platform.

“The home healthcare segment is now a $2.5-billion industry and evolving continuously with limited organised players. Since ageing and chronic diseases are increasing in the country, we do hope to see significant traction in this business segment,” said Bali.

The company said FGPI and Fidelity Biosciences have acquired a significant minority stake in the company with a $10-million investment.

“We do hope that Fidelity, with its solid investment exposure to the healthcare services and technology segments, will bring that expertise to our growth also,” he said.

The company had acquired the Bengaluru-based Nightingales Home Health Services in April 2014, and plans to expand the services to provide speciality home healthcare for chronic diseases such as pulmonary disorders, dementia care, Alzheimer's, arthritic pain management, and congestive cardiac conditions.

To another question, he said the company will solidify its presence in Bengaluru and Hyderabad. “We will open one more in South and look for another in western and northern India. By the end of this year we will have presence in five cities and expect a doubling our presence,” he said.

He said the company developing a cluster-based business model for expansion. “It is a self- paid system of operation. Our business is based on quality, process, protocols and constant monitoring. Since it is a clinically oriented business, we will train our personnel to maintain quality,” he said.