India@75: A nation in the making

Fidelity Growth Partners invests $10 million in Medwell Ventures

Health care is becoming an increasingly preferred sector for PE investors

Deepti Chaudhary
Published: Jun 4, 2015 06:07:31 AM IST
Updated: Jun 4, 2015 06:26:09 PM IST
Fidelity Growth Partners invests $10 million in Medwell Ventures
Image: {Shutterstock}

Bengaluru-based specialty home health care services provider Medwell Ventures Pvt Ltd on Thursday said private equity firm Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston, have acquired a significant minority stake in the company with a $10 million investment. Terms of the transaction were not disclosed.

Medwell Ventures, which operates Nightingales specialty home health care services, was started in March 2014 in Bengaluru with a vision to create a unique model of health care delivery for chronic diseases in the out-of-hospital space. It was founded by Vishal Bali (former Group CEO, Fortis Healthcare and Wockhardt Hospitals), Dr Ferzaan Engineer (former CEO of Quintiles India), and two others.  

“Over the next 15 years, chronic diseases will cost India Rs 280 trillion. We have a strong conviction that specialty home health care is one of the key solutions to managing the rising trend of high cost chronic diseases in the country," said Vishal Bali, chairman and co-founder, Medwell Ventures.

“We see tremendous potential for a clinically focussed, world-class provider of chronic care health care services at home. Fidelity is excited to partner with Vishal, Ferzaan, Lalit and Himanshu in this phase of Medwell’s growth,” said Dr Prem Pavoor, managing director at Fidelity Growth Partners India (FGPI), in a statement.

BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction.

Health care continues to be a growing area for private equity (PE) investors. According to Bain's fourth annual Global Healthcare Private Equity Report, developed in collaboration with the Healthcare Private Equity Association, the value of new buyout investments in the health care sector globally hit a three-year high last year at $29.6 billion–nearly double the 2013 levels–despite the number of deals declining by 10 percent.

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