Home healthcare provider Medwell Ventures has raised `72 crore ( million) in Series B funding from new investors, led by Mahindra Holdings and FIL Capital Investments (Mauritius) II Limited. (Source: IE)
Mahesh Kulkarni & Sameer Ranjan Bakshi
Home healthcare provider Medwell Ventures has raised `72 crore ($11 million) in Series B funding from new investors, led by Mahindra Holdings and FIL Capital Investments (Mauritius) II Limited. Other investors include Himanshu Shah, Lalitkumar Pai, Ferzaan Engineer, OIKOS Asia Healthcare and Cytespace Research, according to a filing with the Registrar of Companies. Mahindra Holdings has picked up 82,486 compulsorily convertible preference shares (CCPS) and 100 equity shares priced at `6,357 each aggregating to `52.49 crore. FIL Capital Investments has picked up 19,663 preference shares priced at `6,357 per share amounting to `12.49 crore.
The balance amount has been raised from other investors. With this round of funding, the company is valued at Rs 193 crore, as per the filing.
Medwell Ventures, founded in April 2014 by Vishal Bali, former group CEO of Fortis Healthcare, Ferzaan Engineer, former CEO of Quintiles India, Lalit Pai and Himanshu Shah, had raised $10 million from Fidelity Growth Partners India and Fidelity Biosciences, Boston by diluting a significant minority stake in June 2015 as part of Series A round.
Medwell Ventures saw its total revenue growing 185% to `10.18 crore during FY16, from Rs 3.5 crore in FY15. Despite higher revenues, the net loss in FY16 increased to `27.4 crore from `11.2 crore in FY15.
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Medwell is an early mover in the home healthcare delivery segment, and caters to the growing demand for specialty medical care services at home. The company’s vision is to create a new model of healthcare delivery for chronic diseases in the out-of-hospital space.