 "Medwell secures $10 mn Series-A funding from Fidelity")
Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston, US have invested in Medwell for a minority stake, Vishal Bali, Chairman and co-founder, Medwell Ventures, said, here.
Earlier, Medwell had raised $4 million as seed fund. Going forward, the company aims to raise up to $50 million that includes the seed fund and Series A round in the next five years, he said.
Medwell was founded by a team comprising of Vishal Bali (former Group CEO, Fortis Healthcare and Lockhart Hospitals), Ferzaan Engineer (former CEO of Quintiles India) and two senior industry professionals, Lalit Pai and Himanshu Shah. The company's board will now be joined by Dr Prem Pavoor from FGPI and Dr Ketan Patel from Fidelity Biosciences.
Medwell, an early mover in the home healthcare delivery segment, caters to the growing demand for speciality medical care services at home. The company was established in March 2014 in Bengaluru to create a new model of healthcare delivery for chronic diseases in the out-of-hospital space. Following the acquisition of Nightingales Home Health Services, Medwell has expanded its services in Bengaluru and today has about 8,000 clients.
It recently established operations in Hyderabad and is currently in the advanced stages of a Mumbai launch. It plans to build its network through a cluster approach across 10 metros in India and increase its subscriber base to cover over 500,000 families.
Today, the Nightingales' team numbers over 300 medical and paramedic professionals comprising of doctors, nurses, physiotherapists, speech therapists and trained bedside paramedical caregivers specialising in chronic care disease management. The company is focused on patient health outcomes through a validated protocol and care plan-driven approach for chronic diseases like congestive heart failure, stroke management, chronic obstructive pulmonary disorders (COPD), wound care management for diabetics, dementia care, Alzheimer's care and arthritic pain management.
More From This Section
The company's focus on new models of care has also led to the start of a home dentistry programme. Nightingales has further established relationships with medical technology providers to enhance its reach and effectiveness of service delivery.
The company plans to expand rapidly across the country and has brought together a professional senior management team with several decades of experience in healthcare services across key functions under Lalit Pai, CEO, Nightingales.
"Over the next 15 years, chronic diseases will cost India Rs 2,80,000 crore. 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," Bali added.