Fidelity leads round for India healthcare start-up Medwell

Medwell was set up to acquire Nightingales early last year by a team of healthcare industry veterans. Its founders include former group CEO of Fortis Healthcare and Wockhardt Hospitals Vishal Balii, former CEO of Quintiles India Dr. Ferzaan Engineer, and industry professionals Lalit Pai and Himanshu Shah.

Nightingales, which has been operating in Bangalore since 1996, offers home healthcare services catered to patients with chronic diseases. The company recently established operations in Hyderabad, and is on the cusp of launching in Mumbai.

According to a release, Nightingales employs more than 300 medical and paramedic professionals including doctors, nurses, physiotherapists, speech therapists, and chronic care specialists, treating conditions such as congestive heart failure, stroke management, chronic obstructive pulmonary disorders, and dementia.

"The healthcare delivery ecosystem in India needs innovative solutions with scalable business models," said Bali, chairman of Medwell, in a statement. "Over the next 15 years, chronic diseases will cost India INR280 trillion ($4.4 trillion). 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."

Dr Prem Pavoor from FGPI, and Dr. Ketan Patel from Fidelity Bioscience, will join the company's board as part of the deal. BMR Advisors acted as the sole financial advisor and BMR Legal acted as legal advisor to Medwell Ventures for the transaction.

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• Topics
• South Asia
• Healthcare
• Expansion
• healthcare
• India
• Fidelity Growth Partners
• Growth capital