Home healthcare services firm Medwell raises $21 mn

Nightingales Home Healthcare Services provider Medwell Ventures Ltd on Wednesday announced raising $21 million (Rs 1,362 crore) in second round (Series B) funding from Mahindra Partners, Eight Roads Ventures, US-based F-Prime Capital Partners, early angel investors and founders.

Medwell raised $10 million (Rs 65 crore) in the first round (Series A) in May 2015 to expand Nightingales' operations to 13 branches in Bengaluru, Hyderabad, Mumbai and Pune, with 1,000 medical, paramedical and healthcare professionals from a single branch here in 2014.

Nightingales have four branches each in Bengaluru, Hyderabad and Mumbai and one at Pune.

"Mahindra Partners, which forayed into the health sector with its first investment in Medwell, intends to have a greater participation going forward," said the company in a statement here.

The company is promoted by healthcare professionals, including Chairman Vishal Bali, Co-Chairman Ferzaan Engineer, Chief Executive Officer Lalit Pai and Nightingales Chief Financial Officer Himanshu Shah.

"As we are witnessing strong consumer demand for our services, we will accelerate the growth over the next four years with the fresh investment," said Pai in the statement.

Nightingales provides 25,000 services each month and plans to support over a million patients in the next few years.

"The demand for home delivery of chronic care services is projected to increase. As the healthcare sector has growth potential, we will play a proactive role," said Mahindra Partners President Zhooben Bhiwandiwala.

--IANS

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