Medwell Secures $10m invest $50m in five year from FGPI Fidelity Biosciences
Medwell Ventures, which operates Nightingales speciality home healthcare services, has secured series A funding of $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston for a significant minority stake in the company.
Medwell, established in March 2014 for providing healthcare delivery for chronic diseases in out-of-hospital space, has marked its presence in Bangalore, started operations in Hyderabad and is currently in the advanced stages of Mumbai launch.
In five years, the company wants Nightingales to operate in 10 metro clusters and have a subscriber base to cover five lakh families. Currently it covers 8,000 families, growing from 2,500 last year. The five-year focus will be on technology upgradation, adding more depth in existing markets and incubating in newer markets.
Nightingales currently has a team of more than 300 medical and paramedic professionals comprising doctors, nurses, physiotherapists, speech therapists and trained bedside paramedical caregivers specializing in chronic care disease management.