Medwell Ventures, the operator of Nightingale speciality home health services, has raised $21 million Series B investment round led by Mahindra Partners with the participation of existing investors: Eight Rounds Ventures and US-based F-Prime Capital Partners besides early angel investors and the founders. The funds will be used for its expansion, hiring talent and inorganic growth initiatives.
Nightingales has expanded to 13 centres across four cities of Bengaluru, Hyderabad and Mumbai and Pune. It has a full-fledged team of 1,000 medical and paramedics. This expansion was funded by a $10 million Series A round led by Eight Roads Ventures in May 2015. The company has cumulatively raised about $35m across its seed, series A and series B rounds.
Indian home health sector is valued at $8.5 billion dollar and expected to touch $10 billion. By 2020, when Indian healthcare turnover is estimated to touch $200 billion, home healthcare would account for 15 percent of this share. “We took an early position in creating a clinically driven home healthcare model. Now the entry of health insurance into this space will further spur our growth prospects”, said Vishal Bali chairman, Medwell Ventures.
“Over the last 2 years we scaled our presence in multiple cities and have set the base for rapid expansion. We provide over 25,000 services each month. Our plan is to support over 1 million patients within the next few years. These will include NCR, Chennai and eastern India. The growing demand for our services along with this investment will accelerate our growth in the next 4 years. We are registering a 10-12 percent a month and have recorded 3.5 times organic growth in terms of head count and revnues,” said Lalit Pai, CEO, Nightingales Home Health Services.
Specializing in chronic care disease management among others we have also associated with medical technology providers and invested substantively in ramping our information technology including the Nightingales patient app and electronic medical records for patients, said Dr. Ferzaan Engineer, joint chairman, Medwell Ventures.
Mahindra Partners makes it maiden foray into healthcare sector and the company intends to have to have a greater participation going forward. “Our aim is to build and grow great companies. The demand for home delivery of chronic care services is slated to increase. The healthcare sector has tremendous growth potential and we will continue to play a more active role in the industry,” Zhooben Bhiwandiwala, President - Mahindra Partners.
“We continue to be impressed by Medwell’s strong focus on execution; building on foundations of clinically driven holistic home care,” said Dr Prem Pavoor, Partner, Eight Roads Ventures.