Medwell ventures announces USD 21 mn investment round

Medwell Ventures Private Limited, that operates Nightingales specialty home healthcare services, today announced a USD 21 million Series B investment round, led by Mahindra Partners.
The company plans to use the funding towards its future growth plans.
The round also saw participation from existing investors, Eight Roads Ventures and US-based FPrime Capital Partners, alongside early angel investors and the founders, company officials said.
They said this is the first investment by Mahindra Partners in the healthcare sector, where the company intends to have a greater participation going forward.
The closure of this round cements our conviction behind this opportunity to create India's leading company in this space, Medwell Ventures Co-founder and Chairman Vishal Bali told reporters here.

Stating that company is "adequately" funded, he said "....We are looking at three other geographical opportunities. We are looking at NCR, Chennai and also Eastern India, and look at opportunities that are there. Everywhere we go we will follow the branches model."

Nightingales currently serves Mumbai, Bengaluru, Hyderabad and Pune, and has grown 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.
"...We expect that this 13 branches that we have right now, over the course of next two to three years to be 40 as we expand geographies," Nightingales Home Health Services CEO Lalit Pai said.

Noting that there are also plans to grow in the geographies where Nightingale's services already exists, he said "...We will have one more branch in Bengaluru, we will probably look at another city in Karnataka, we will do another city in AP....We will also expand our network in Mumbai..."
Medwell that aims at providing specialty-led home healthcare delivery, out-of-hospital care plans for patients with chronic diseases, had raised USD 10 million in Series A round led by Eight Roads Ventures in May 2015.
The company has cumulatively raised about USD 35 million across its seed, series A and series B rounds.

According to the company officials, 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.