MUMBAI: Mahindra Partners has led a $21-million (Rs 136 crore) series-B round in healthcare venture Medwell Ventures which operates Nightingales Home Health Services.
The round also saw the participation from existing investors like Eight Roads Ventures and US-based F-Prime Capital Partners, along with early angel investors and the founders. As part of the round, Mahindra Partners will occupy two board seats in the company .
Founded in 2014 by former Fortis Healthcare group CEO Vishal Bali, Ferzaan Engineer, Lalit Pai and Himanshu Shah, Medwell Ventures had raised $10 million from Eight Roads Ventures, formerly Fidelity Growth Partners India and F-Prime Capital Partners, formerly Fidelity Biosciences in June 2015.
With this recent infusion, the total amount raised by the firm is $35 million (Rs 227 crore) across multiple rounds.
The funds that have been raised for the Nightingales’ business will be used to expand the company’s footprint in the four cities it is operational in Mumbai, Bengaluru, Hyderabad and Pune and also expand its network across 10 metro clusters. “The idea is to grow deeper in each of the four cities. In Mumbai, we will add five to six more branches to the existing four.We will also start operations in NCR, Chennai and Eastern India,“ Vishal Bali, cofounder, Medwell Ventures
Nightingales has grown to a strength of 13 branches across the four cities and has a team of over 1,000 medical, paramedical and healthcare professionals.