Mahindra Partners, the venture capital and private equity arm of conglomerate Mahindra and Mahindra, has led a $21m series B round for India-based home care provider Medwell Ventures, the Economic Times reported yesterday.
The round also featured Eight Roads Ventures and F-Prime Capital Partners, both of which operate as subsidiaries of financial services group Fidelity.
Founded in 2014, Medwell built its business on Nightingales Home Health Services, a home healthcare service it acquired the same year. Its offering has since grown to encompass 13 branches across four Indian cities.
The company plans to use the series B funds to expand its offering in the cities in which it currently operates, and to expand into the Delhi-NCR, Chennai and Eastern India areas.
Lalit Pai, chief executive of Nightingales Home Health Services, said: “Over the last two years, we have not only scaled our presence in multiple cities but have also built a strong foundation for rapid expansion.
“We are witnessing strong consumer demand for our services in our current markets and this investment will accelerate our growth in the next four years.”
The round increased Medwell’s total funding to $35m altogether, according to the company. Two other Fidelity subsidiaries, Fidelity Growth Partners India and Fidelity Biosciences, had provided $10m in funding for the company through a 2015 series A round.