Fidelity Growth Partners invests $10 million in Medwell Ventures

Mumbai: Medwell Ventures Pvt. Ltd, a Bangalore-based home healthcare startup, has raised its Series A fund worth $10 million from Fidelity Growth Partners. The company, founded last year, has already raised its seed fund worth $3 million from promoters.

Medwell has been co-promoted by Vishal Bali, co-founder and chairman, Medwell Ventures, and former group chief executive officer of Fortis Healthcare Ltd and Cytespace Research Pvt. Ltd, a research-based company in the Healthcare domain.

According to Bali, Medwell will expand to four more cities. At present, it is present in Bengaluru and Hyderabad. “We are planning to enter Mumbai and Pune soon while two more cities in the West are yet to be identified,” said Bali. He said that Medwell also considers acquisition opportunities as part of pan-India expansion.

Medwell had acquired Bengaluru-based Nightingales Home Health Services for an undisclosed sum in April last year. Nightingales currently provides 53,000 patient bedside nursing days per annum, 24,000 medical services per year and has more than 5,000 families subscribing to its annual care plans.

Others like Apollo Hospitals Enterprise Ltd are already present in the home healthcare space. Apollo’s arm Apollo Home Healthcare provides home services for adults and children.

India’s home healthcare market is estimated at $2 billion and is growing at 20% annually.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.