Home-based healthcare services provider Medwell Ventures has secured $21 Mn in its Series B round, led by Mahindra Partners. Existing investors including Eight Roads Ventures and F-Prime Capital Partners also participated in the round.
The company will deploy the raised funds towards expansion in NCR, Chennai, and Eastern India, and existing markets as well. It will also use the funding for expanding its team.
The Bengaluru-based startup was launched in 2014 by former Fortis Healthcare group CEO Vishal Bali, Ferzaan Engineer, Lalit Pai and Himanshu Shah. It operates Nightingales speciality home healthcare services in India which provides nursing care facilities at home.
It also claims to offer 24X7 medical facilities including physician consultation, nursing care, lab sample collection and reporting, physiotherapy, medical devices, ambulance services, pharmacy support and related medical services. It also provides speciality home healthcare services in chronic diseases including pulmonology, cardiology, neurology, metabolic diseases, orthopaedics, geriatrics and post-operative rehabilitation.
It acquired Bengaluru-based Nightingales in April 2014 and operates all branches under the Nightingales name.
Commenting on the development, Lalit Pai, CEO, Nightingales Home Health Services said, “Over the last two 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 four years.”
As per an ET report, the startup currently has 13 branches across Bengaluru, Mumbai, Hyderabad, and Pune with a full time team of over 1,000 medical, paramedical, and healthcare professionals. It claims to provide over 25K services every month.
Medwell Ventures has earlier raised $10 Mn from Fidelity Growth Partners India and Fidelity Biosciences in June 2015.
As per an analysis by Report Linker, the global home healthcare market is poised to reach $400 Bn by 2022, growing at a CAGR of 9.8% during the forecast period of 2016 to 2022. The factors that are pushing this growth include rise in the number of patients with chronic disease, awareness about the needs of geriatric population, the need to develop alternative and cheaper options in the market, and innovation happening in the healthtech space.
In January 2016, Mumbai-based home healthcare services startup Care24 raised $4 Mn in a Series A round of funding led by SAIF Partners and existing investor, India Quotient. In May 2016, home healthcare services marketplace, Pianta raised an undisclosed amount in seed funding from FreeCharge founder Kunal Shah and Sandeep Tandon.
Other players in space include Portea, Zoviko Healthcare, Max Hospitals, Pramati Healthcare etc.