Medwell Ventures buys family healthcare firm

Bangalore-based Nightingales Home Health Services, which has more than 5,000 families subscribing to its annual care plans, was acquired this week by Medwell Ventures for an undisclosed amount. Medwell is co-promoted by Vishal Bali, former Group CEO of Fortis Healthcare, and Cytespace Research, a research-based company in the Healthcare domain. Closing an initial round of funding from the promoter group, the company plans to invest $20 million in this business over the next 3-5 years.

Post acquisition, services offered by Nightingales will include specialty home healthcare with focus on pulmonology, cardiology, metabolic diseases, neurological health, orthopaedics, geriatrics, rehabilitation and post-operative surgical site management.

The company expects to establish a network in 10 Indian metro clusters serving over a million families in the coming years. This will be supported by a cloud-based technology platform.

Home healthcare is estimated to be a $2-billion market in India. Prominent players in the space include Chennai-based India Home Healthcare, Bangalore-based Portea and Delhi-based HealthCare at Home.