Bengaluru-based Nightingales, a home healthcare specialist firm which is part of Medwell Ventures Limited, has raised $ 21 million in its series B round of funding. The company has cumulatively raised around $ 35 million from its seed, series A and series B rounds of funding.
The funding has come from Mahindra Partners, Eight Road Ventures and US-based Prime Capital Partners along with early angel investors and the founders.
The company, which was acquired by Medwell Ventures Limited in 2014, had only a single branch in Bengaluru initially. It has now expanded with 13 branches across four cities—Mumbai, Hyderabad, and Pune besides Bengaluru.
Nightingales employs doctors, nurses, physiotherapists, speech therapists, paramedical care givers specialising in chronic care disease management. It also focuses on providing home dentistry programme.
The company is bullish about the high growth of specialised home healthcare services in India and sees good traction in this market. “Nowadays, even middle class population of India is increasingly opting for home healthcare services. We have a full time staff and do not hire on contractual or ad hoc basis. This helps us in better management of our services as all our employees are on roll with us. Our services generally begin with a price tag of around Rs. 10,000 per month and this can go up to Rs. 45,000 per month depending on the requirement of the patient,” Vishal Bali, co-founder and chairman, Medwell Ventures, told THE WEEK.
Off late, Nightingales, which currently provides as many as 25,000 services to its customers every month, is planning to build its network across 10 metro clusters in India and plans to support more than one million patients in the next few years.
“This current round of investment is expected to accelerate our growth in the next four years. We have specialised services for different requirements. For instance, we have 10 to12 different services to specially cater to a stroke patient and in case of a patient requiring pulmonary treatment we have the provision to install the equipment at the patient's home. The patient can either buy the equipment from us or he can rent it out from us. It all depends on the patient's requirement,” said Lalit Pai, CEO, Nightingales.
