Mahindra Partners, Eight Roads Ventures and F-Prime Capital Partners lead $21 m Series B round in Medwell Ventures

This is the first investment by Mahindra Partners in the healthcare sector, where the company intends to have a greater participation going forward

Medwell Ventures, the operator of Nightingales speciality home healthcare services in India, announced a $21 million Series B investment round led by Mahindra Partners with participation from existing investors, Eight Roads Ventures and US-based F-Prime Capital Partners, alongside early angel investors and the founders. This is the first investment by Mahindra Partners in the healthcare sector, where the company intends to have a greater participation going forward.

The Nightingales Home Healthcare business has grown rapidly from a single branch in Bengaluru in 2014 to 13 branches across four cities with a full-time team of over 1000 medical, paramedical and healthcare professionals. This expansion was funded by a $10 million Series A round led by Eight Roads Ventures in May 2015. The company has established a leadership position in specialty-led home healthcare delivery, providing out-of-hospital care plans for patients with chronic diseases. Nightingales currently serves Mumbai, Bengaluru, Hyderabad and Pune, with plans to build its network across 10 metro clusters in India. The company has cumulatively raised about $35 m across its seed, series A and series B rounds. The company is promoted by a highly experienced team of healthcare professionals including Vishal Bali, Chairman; Dr Ferzaan Engineer, Joint Chairman; Lalit Pai, CEO, and Himanshu Shah, CFO.