Bengaluru based healthcare service provider Medwell Ventures Private Limited confirmed that it has raised an investment around $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences in lieu of minority stake in the company.
The company was founded in 2014 by Vishal Bali, Dr. Ferzaan Engineer, Lalit Pai, and Himanshu Shah. The company provides 24×7 medical services such as physician consultation, nursing care, lab sample collection and reporting, physiotherapy, medical devices, ambulance services, pharmacy support and related medical services to its users.
“The healthcare delivery ecosystem in India needs innovative solutions with scalable business models. We have a strong conviction that speciality home healthcare is one of the key solutions to managing the rising trend of high-cost chronic diseases in the country. The investment by Fidelity is a validation of our model and recognition of the evolving Indian healthcare delivery landscape,” commented Vishal Bali, Chairman and Co-founder, Medwell Ventures.
In April 2014, the company had acquired Bengaluru based Nightingales Home Health Services, to provide a pan-India healthcare delivery platform. Currently, Nightingale operates in Bengaluru and Hyderabad and is preparing to launch its services in Mumbai. Further, it is planning to build a network across ten metros in India and increase its subscriber base to cover over 500,000 families, as reported by The Hindu.