Medwell Ventures raises USD 10 mn

Medwell Ventures, co-promoted by former Fortis Healthcare Group CEO Vishal Bali, has raised USD 10 million (around Rs 64 crore) from Fidelity Growth Partners India and Fidelity Biosciences.
"Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston have acquired a significant minority stake in the company with a USD 10 million investment," Medwell Ventures said in a statement.
The company, however, did not disclose the details of the transaction.
Medwell Ventures Co-founder and Chairman Vishal Bali said: "We have a strong conviction that speciality home healthcare is one of the key solutions to manage the rising trend of high cost chronic diseases in the country. This investment by Fidelity is a validation of our model."

Medwell Ventures offers high quality speciality medical care services at home.
The company had acquired the Bengaluru-based Nightingales Home Health Services in April 2014 and plans to expand the services to provide speciality home healthcare for chronic diseases such as pulmonary disorders, dementia care, Alzheimer's, arthritic pain management and congestive cardiac conditions.

"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," Fidelity Growth Partners India (FGPI) Managing Director Prem Pavoor said.
Medwell Ventures is present in Bengaluru and Hyderabad and plans to foray in Mumbai in August.

In an earlier interview to PTI, Bali had said that Medwell plans to invest around USD 50 million as it seeks to enter more cities by 2017 to provide home healthcare services for chronic diseases under the Nightingales brand.