Medwell Ventures raises funding from Fidelity affiliates with the stake sale. The company creates a thriving ecosystem of healthcare services, leveraging a powerful combination of healthcare delivery expertise, smart technology and stringent process making healthcare more accessible, accountable, accurate and personal.
Medwell Ventures is altering the healthcare paradigm by focusing on patient-centric model delivery, specialised care across therapeutic areas, technology driven scalable partnerships with healthcare innovators.
Medwell Ventures was founded in 2014 focused on innovative healthcare delivery system for chronic diseases in hospital venture space. The company focused on patient centric model and acquired Nightingales Home Health services in 2014.
Nightingales is one of the India’s earliest Home Healthcare providers in Bengaluru which consists of bedside nursing care at home. The 18 year old company offers 24×7 medical services like physician consultation, nursing care, lab sample collection and reports, physiotherapy, medical devices, ambulance, pharmacy support and other medical services in a home.
Medwell Ventures have expanded the operations of Nightingales in terms of scale, scope and reach of services with alignment of clinically prescribed therapeutic requirements for patients who are suffering from ailments like pulmonary disorders, dementia, Alzheimer’s, Arthritic Pain Management and congestive cardiac conditions.
Medwell Ventures is headed by Lalit Pai, Vishal Bali, Ferzaan Engineer and Himanshu Shah. Lalit Pai is co founder and Chief Executive Officer of the company. He is an engineer having graduated in Bachelor of Engineering in Chemical from National Institute of Technology, Karnataka in 1992. In 1994, he did his Post Graduation Diploma in Marketing from Indian Institute of Management, Calcutta.
He started his career as consultant in Tata Strategic Management Group in 1996. He worked briefly for a year and moved to pwc in 1997. He was with the company for 3 years and became a business manager for South East Asia in MphasiS in 2001. Lalit held this post for 2 years and joined Quintiles India as Director, IT in 2003. He held several positions in many department of the company. Lalit had long stint of almost 10 years in Quintiles. He quit the company and co founded Cytespace Research in April 2012.
Cytespace is a clinical research site solutions organization provides site centric solutions for conducting clinical research for the pharmacy industry at global level. Lalit heads Nightingales Home Healthcare and Medwell Ventures.
Ferzaan Engineer is co founder and Chairman of Cytespace Research P Ltd. He is ex CEO of Quintiles Research (I) Pvt Ltd. Ferzaan has held several key positions in many companies. He has graduated in Pharmacy from LM College in Ahmedabad. He has PhD in Pharmaceutical Sciences from the college of Pharmacy of University of South Carolina, USA. He has attended several management programs conducted by Kenan Flagler Business School, Indian Institute of Management, Ahmedabad and INSEAD.
Ferzaan worked as Assistant Professor in Pharmaceutical Sciences in the US. Apart from this he is a member of professional bodies such as AAPS and AACP. Ferzaan has published several papers in leading international journals and given lectures in several international conferences and management schools. He is a member of the CII National Committee on Drugs and Pharmaceuticals.
Vishal Bali is co founder and Chairman of Medwell Ventures. He heads several organizations such TPG Growth – a global private equity organization. He is an expert in managing an integrated health delivery system comprising hospitals, diagnostics, primary care and day care speciality. He led the merger of Wockhardt Hospitals into Fortis Healthcare fold. He successfully managed merger and integration of both entities successfully. Vishal is an active member of various industry bodies like World Economic Forum (Global Agenda Healthcare Council).
Himanshu Shah is co founder of Medwell Ventures. He is the Chief Financial Officer of the company. He graduated in Masters of Science in Chemistry from Gujarat University in 1991. He has attended several management programs conducted by leading management institutions like Kellogg School of Management (USA), Indian Institute of Management, Ahmedabad and Indian School of Business, Hyderabad.
Himanshu has worked in various technical positions in the chemicals and pharmaceuticals field from 1989 to 1996. He has rich experiences in project finance and corporate development in Quintiles India where he worked from January 2005 till March 2011. He co founded and Director – Finance and Administration of Cytespace Research P Ltd.
Medwell Ventures received Series ‘A’ funding of $10 million from Fidelity Biosciences and Fidelity Growth Partners Fund. Fidelity Biosciences is a division of Fidelity Investments, one of the world’s leading financial service provider. Fidelity Investments has significant presence in venture and private equity industry. Fidelity Biosciences has invested in companies like Semma Therapeutics – leading developer in transformative therapies for Type 1 diabetes patients. They have invested in company’s like Dimension Therapeutics, Symbiomix Therapeutics, Precision Therapeutics, Denali Therapeutics to name a few. They have exited through 5 IPO’s and 3 Acquisitions.
The venture partner in the company Fidelity Growth Partners India is the private equity arm of Fidelity Investments. The company actively invests in high quality, high growth companies in India spread across a broad range of sectors. They invest $10 million to $50 million in the selected company.
Fidelity Growth Partners India has invested in Yebhi.com – India’s leading e commerce platform that sells footwear, apparel and accessories. They have invested in CloudByte, MilkMantra, Cygnus Medicare, Greenlight Planet, Icertis, Toppr and Medwell is their latest venture investment.
After funding Dr. Prem Pavoor, MD of Fidelity Growth Partners India said “This investment reflects FGPI’s keen interest in partnering with distinctive management teams to build leaders within still emerging segments in the healthcare and life sciences industry in the country. We see tremendous potential for a clinically focused, world-class provider of chronic care healthcare services at home. Fidelity is excited to partner with Vishal, Ferzaan, Lalit and Himanshu in this phase of Medwell’s growth.”
Vishal Bali, Chairman and Co Founder of Medwell Ventures said “Over the next 15 years, chronic diseases will cost India Rs 280 trillion. We have a strong conviction that speciality home healthcare is one of the key solutions to managing the rising trend of high cost chronic diseases in the country. This investment by Fidelity is a validation of our model and a recognition of the evolving Indian healthcare delivery landscape.”
With the funding Medwell Ventures plans to roll out their Nightingale services to 10 cities this year. Already they have launched their services in Bengaluru – their home base and in Hyderabad. Services will be rolled out in few days in Mumbai too. Nightingales team has 300 medical and para medical professionals ranging from Doctors, nurses, physiotherapists, speech therapists and other staff who have trained in giving bedside care giving management. The company is focused on excellence in patient health management through a validated protocol and care plan driven approach.