Mumbai: Medwell Ventures Private Limited, the operator of Nightingales specialty home healthcare services in India, today announced a $21 million Series B investment round led by Mahindra Partners with participation from existing investors, Eight Roads Ventures and US-based F-Prime Capital Partners, alongside early angel investors and the founders. This is the first investment by Mahindra Partners in the healthcare sector, where the company intends to have a greater participation going forward.
The Nightingales Home Healthcare business has grown 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 funded by a $10 million Series A round led by Eight Roads Ventures in May 2015. The company has established a leadership position in specialty-led home healthcare delivery, providing out-of-hospital care plans for patients with chronic diseases. Nightingales currently serves Mumbai, Bangalore, Hyderabad and Pune, with plans to build its network across 10 metro clusters in India. The company has cumulatively raised about $35m across its seed, series A and series B rounds. The company is promoted by a highly experienced team of healthcare professionals including Vishal Bali, Chairman; Dr Ferzaan Engineer, Joint Chairman; Lalit Pai, CEO, and Himanshu Shah, CFO.
“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
Nightingales Home Healthcare Services provides over 25,000 services each month and plans to support more than 1 million patients in the next few years. The Nightingales team comprises doctors, nurses, physiotherapists, speech therapists, and trained bedside paramedical caregivers specializing in chronic care disease management. They develop care plans for chronic diseases such as 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. The company’s focus on new models of care has also led to the start of an innovative home dentistry program. Nightingales has 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.
Commenting on the investment, Zhooben Bhiwandiwala, President – Mahindra Partners, said “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. We are very pleased to partner with the Nightingales team and wish them great success”.
“We continue to be impressed by Medwell’s strong focus on execution; building on foundations of clinically driven holistic home care, an enabling technology backbone, and the highest levels of corporate governance. Eight Roads is delighted to continue its partnership with the company and welcomes Mahindra Partners to join this exciting growth story,” said Dr Prem Pavoor, Partner, Eight Roads Ventures.
“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 and Dr Ferzaan Engineer.