Medwell Ventures, which operates Nightingales specialty home healthcare services, on Wednesday announced a $21-million Series B investment round.
Led by Mahindra Partners, the round also saw participation from existing investors — Eight Roads Ventures and US-based F-Prime Capital Partners, alongside early investors and the founders.
Medwell Ventures Co-founder and Chairman Vishal Bali said the closure of this round cements our conviction behind this opportunity to create India’s leading company in this space.
Medwell, which started its operations in Bengaluru in 2014, has now four branches each in Bengaluru, Hyderabad and Mumbai. It started a new branch in Pune recently.
With over 1,000 staff and 25,000 services per month, the company follows the branch model.
“In this financial year, we are planning to open a branch each in Chennai and the NCR region, and in the next fiscal, we will be opening branches in Eastern India,” Nightingales Home Health Services CEO Lalit Pai said, adding that they are also planning to open one more branch in Bengaluru.
“We will also look at opening a branch in another city in Karnataka and also in Andhra Pradesh. We will also expand our branch network in Mumbai,” he said.
Of the 13 branches, the company’s first three branches are profitable. “By next year, other couple of branches will become profitable,” said Pai.
Talking about the home healthcare market, Bali said it’s growing rapidly.
“It will grow to $10 billion in next few years. We are growing at 10% to 12% every month,” he said.
Medwell has raised cumulatively about $35 million across its seed, Series A and B rounds.
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