Mahindra leads $21m round for India's Medwell

Existing investors Eight Roads Ventures and F-Prime also participated in the round. The GP, then called Fidelity Growth Partners India, committed $10 million to Medwell in 2015 alongside F-Prime, formerly Fidelity Biosciences. The company will use the capital for geographic expansion and to build its long-term care capacity.

Medwell acquired Nightingales shortly after its founding in 2014. The company has expanded Nightingales beyond its original market of Bangalore and also updated the business model to enable long-term health monitoring and care. This involves creating a network of doctors that can review health data collected remotely. Patients can also use their smart phones to seek emergency help and receive reminders of upcoming appointments or prescription refills.

“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,” said Dr. Prem Pavoor, head of healthcare investment at Eight Roads, in a statement. “Eight Roads is delighted to continue its partnership with the company and welcomes Mahindra Partners to join this exciting growth story.”

Eight Roads is an active investor in India’s healthcare sector: over the past year the GP has joined investments in generic drug maker Eywa Pharma and medical diagnostics service provider Core Diagnostics. US-based F-Prime, another Fidelity-controlled fund, is a frequent participant in Eight Roads’ investments.

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• Topics
• South Asia
• Healthcare
• Technology
• Early-stage
• India
• Eight Roads
• TMT
• Venture