Medwell ventures Pvt Ltd, operator of Nightangles Home health services, raises Series B funding of $21 million from Mahindra Partners. As per this home health specialist, this fund is alleged as first and foremost expenditure in healthcare.
Investors who participtaed in funding round
This funding series has been driven with engagement of some other capitalists as well like US-based F-Prime Capital Partners, Eight Roads Ventures, early angle investors, and founders. Eight Roads Ventures invested $10 million in series A funding in Maxwell Ventures during May 2015.
The total fund raised has come up to $35 million including series A and series B funding.
Mahindra Partners’ perspective behind investment
President of Mahindra Partners, Zhooben Bhiwandiwala expresses his opinion on this expenditure that, “Our aim is to build and grow great companies. The demand for home delivery of chronic care services is slated to continue to increase. The healthcare sector has tremendous growth potential and we will continue to play a more active role in the industry”.
About Nightangle Home Healthcare
Foremost, Nightangle Home healthcare service was sprouted in Benguluru, first single branch in year of 2014, has now spread with 13 branches in four cities having a team of more than 1000 healthcare professionals, medical, and paramedical.
Currently, it is imparting its best in Mumbai, Hyderabad, Pune, and Bengaluru and it has vision to proliferate a network in almost 10 metro areas in India.
Promoters of Medwell Ventures
Main promoters of Medwell ventures are: CEO-Lalit Pai, CFO-HImanshu Shah, Chairman-Vishal Bali, and Joint Chairman-Dr Ferzaan Engineer. Nightangle team incorporates doctors, therapists, nurses, physiotherapists, bedside paramedical caretakers, speech therapists, etc. All are well trained and specialist in chronic care disease management.
Presently, this home healthcare service provider has a catalogue of 25000 services per month and has perspective to support and help over one million patients for upcoming years.
How funds will utilize
Basically they will use the funds for evolution of care plans that will consist of chronic diseases like Congestive heart failure, chronic obstructive pulmonary diseases (COPD), Stroke management, Diabetes, Arthritis, Alzheimer’s disease and Dementia.
Firm desire to involve technology in process
Additionaly, the firm desires to spend a spare of the fund to intensify its usable information technology and techniques along with electronic medical records and Nightangles patient app.
Investment startegy as per company’s CEO
Company CEO, Lalit Pai focused on investment strategy in his statement that, “Over the last two years, we have not only scaled our presence in multiple cities but have also built a strong foundation for rapid expansion. We are witnessing strong consumer demand for our services in our current markets and this investment will accelerate our growth in the next four years.”