Medwell Ventures Private Limited has received an investment of US$ 10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston as they have acquired a minor stake in the company, with no disclosure of the transaction. Medwell is the operator of Nightingales speciality home healthcare services in India.
Medwell, a Banglore based company established in 2014, works on the model of healthcare delivery for chronic diseases in the out-of-hospital space. The company recently established its operations in Hyderabad and will soon expand to Mumbai.
“The healthcare delivery ecosystem in India needs innovative solutions with scalable business models. Over the next 15 years, chronic diseases will cost India Rs 280 trillion.
We have a strong conviction that specialty home healthcare is one of the key solutions to managing the rising trend of high-cost chronic diseases in the country. This investment by Fidelity is a validation of our model and recognition of the evolving Indian healthcare delivery landscape”, said Vishal Bali, Chairman and Co-founder, Medwell Ventures.
Dr. Prem Pavoor, Managing Director at Fidelity Growth Partners India (FGPI) said, “This investment reflects FGPI’s keen interest in partnering with distinctive management teams to build leaders within still emerging segments in the healthcare and life sciences industry in the country. We see tremendous potential for a clinically focused, world-class provider of chronic care healthcare services at home. Fidelity is excited to partner with Vishal, Ferzaan, Lalit and Himanshu in this phase of Medwell’s growth”.