BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction
Medwell Ventures, the operator of Nightingales speciality home healthcare services in India, has announced that Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston have acquired a significant minority stake in the company with a $10 million investment. Terms of the transaction were not disclosed.
Medwell caters to the growing demand for high quality speciality medical care services at home. It recently established operations in Hyderabad and is currently in the advanced stages of a Mumbai launch; it plans to build its network across ten metro clusters in India and increase its subscriber base to cover over 500,000 families.
The company plans to expand rapidly across the country and has brought together a competent and professional senior management team with several decades of experience in healthcare services across key functions under Lalit Pai, CEO, Nightingales.
“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 speciality 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 a recognition of the evolving Indian healthcare delivery landscape,” said Vishal Bali, Chairman and Co-founder, Medwell Ventures.
Dr Ferzaan Engineer, Joint-Chairman and Co-founder, Medwell Ventures commented, “Nightingales focuses on providing technology-led solutions to serve its growing customer base across India in a consistent and scalable manner. Fidelity’s global experience and expertise in healthcare will help differentiate Nightingales’ service offerings.”
Commenting on the transaction, Dr Prem Pavoor, MD 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”.
BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction.
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