Medwell Ventures Acquires Nightingales Home Health
Medwell Ventures Private Limited, a company jointly promoted by former CEO of @Fortis_Healthcare_L Vishal Bali and Ferzaan Engineer, chairman of Cytespace Research, a research-based company in the Healthcare domain, has acquired Bangalore-based Nightingales Home Health Services for an undisclosed amount. The deal marks the firms foray into specialty homecare.
The company which had recently closed its first round of funding from its promoters plans to invest $15-20 Mn in scaling up this business.
With over 18 of experience Nightingales currently provides 53000 patient bedside nursing days per annum, 24000 medical services per year and has more than 5000 families subscribing to its annual care plans. Post the acquisition, Medwell plans to expand the services of Nightingales with a Speciality Home Healthcare focus on Pulmonology, Cardiology, Metabolic diseases, Neurological health, Orthopedics, Geriatrics, Rehabilitation and Post-Operative Surgical site management.
It also plans to expand its network to 10 Indian metro clusters serving over a million families in the coming years through acquisitions and organic investments. It is also exploring alliances with various global Medical Technology partners.
Medwell identifies itself as a pan-India Healthcare delivery platform and India’s first Specialty Home Healthcare company. The additional services it seeks to add on include remote health monitoring, tele-health, diagnostics, rehabilitation and wellness therapeutics.
Lalit Pai a member of the Medwell founding team is the CEO of the new company. He is also a co-founder of Cytespace. Medwell’s international Board of Directors constitutes Bali, the first Chairman with Engineer being the co-Chair. Gillian Corken, Gert Hoogland, Oppel Greeff, Lalit Pai and Himanshu Shah designated as Directors.
Co-founders of Nightingales, Radha Murthy and Premkumar Raja will continue as members of the Advisory Board of Medwell Ventures.
India’s home healthcare industry, which consists of home-based medical devices and home services, is worth $2 billion and growing at 20% annually. Investors and big hospital chains are also starting to show interest in the segment. U.S.-based Bayada Home Health Care bought a 26%, stake in Chennai-based @India_Home_H Private Limited in September last year; Delhi-based @Portea Private Limited had received $8 Mn in funding from venture capital firms Accel Partners and Ventureast in December 2013; DAbur had entered the segment through a JV named Health Care at Home India.