Health Care At Home India Pvt. Ltd (HCAH), an out-of-hospital healthcare provider, has acquired Nightingales Home Health Services, a specialty home healthcare service provider, in a share swap deal. The acquisition aims to increase HCAH's geographic footprint in the country, a top executive said.
With this acquisition, Nightingales' co-founder, Vishal Bali, will join HCAH as a shareholder. Bali has previously worked as the former group CEO of Fortis Healthcare and as a senior adviser at TPG Growth.
In an interaction with VCCircle, Vivek Srivastava, co-founder and CEO of HCAH, said that after this acquisition, the company will have a strong presence throughout India. This is the fourth deal inked by HCAH. Previously, it acquired a 100% stake in Seniority, which is reportedly India's largest geriatric-centric digital platform, for an undisclosed sum.
Nightingales Home Health Services provides offerings with a focus on specialty home healthcare services for chronic diseases, including pulmonology, cardiology, neurology, metabolic diseases, orthopedics, geriatrics, and post-operative rehabilitation. Nightingales has a team of over 1,000 healthcare professionals and a delivery network across four metro cities: Bengaluru, Hyderabad, Chennai, and Mumbai.
"The combined entity of HCAH & Nightingales brings multiple synergies to consolidate, strengthen, and lead the out-of-hospital care vertical in the Indian healthcare delivery sector. We expect that the scale and size achieved through this integration will lead health insurance companies to create new products that will support patients receiving out-of-hospital care," said Vishal Bali, co-founder, and chairman of Nightingales Home Healthcare.
In August 2021, HCAH acquired SuVitas Holistic Healthcare, a Hyderabad and Bengaluru-based transition care company. Following this acquisition, SuVitas became a 100% subsidiary of HCAH.
In 2016, HCAH acquired the disease management firm Health Impetus for an undisclosed amount.
In 2017, healthcare-focused private equity firm Quadria Capital committed to a milestone-based investment of up to $40 million in HCAH. To date HCAH has raised close to $70 million in funding
HCAH has raised funds from the Burman Family (promoters of Dabur), founders of Healthcare at Home UK, Quadria Capital, a Singapore-based healthcare fund, and ABC Impact. Explaining the services offered by HCAH, Srivastava said HCAH has three segments in which it delivers its services: physical rehabilitation and recovery through its service range of inpatient rehab, long-term acute care in transition care centers, digital and home rehab; home ICU and palliative care services; and the supply of rehab equipment. Elderly care services include assisted living, e-commerce, and caregiver services. Chronic disease management services include screening, diagnostics, infusions, dialysis, oncology treatments, patient support programs, pharmacy, and adherence programs in association with leading pharma companies.
The Nightingales is backed by Mahindra Partners, the private equity arm of Mahindra Group, Fidelity Growth Partners India, Fidelity Biosciences among others.
Medwell Ventures was started by Vishal Bali, former group CEO of Fortis Healthcare, and Ferzaan Engineer, former CEO of Quintiles India, in 2014. In the same year, it had acquired Nightingales Home Health Services, which was led by Lalit Pai, to get a bigger foothold in the industry. Nightingales has been in the home-health sector since 1996 in Bangalore.
In 2017, Nightingales raised $21 million in a Series B funding round led by Mahindra Partners.
