Norwest Venture Partners (NVP) Invests INR 250 Million in the Primary Care Clinic ChainLargest Venture Capital Funding in Primary Healthcare Sector to Date
Online PR News – 06-September-2012 – Bangalore – Bangalore-based NationWide Primary Healthcare Services Pvt. Ltd. (NationWide), a retail chain of primary care clinics, today announced it has raised INR 250 Million (INR 25 Crore)in funding from Norwest Venture Partners (NVP).
Since it was founded in March 2010, NationWide has grown from a single clinic to 15 clinics across Bangalore, including three hub clinics and 12 satellite clinics. A major part of the current investment will be utilised to rapidly expand operations over the next 18 months and set up a total of 120 clinics in Bangalore.
Dr. Santanu Chattopadhyay, Founder and Managing Director of NationWide Primary Healthcare Services Pvt. Ltd. said, “NationWide is a pioneer in bringing back the family doctor concept in the organised sector in India. Receiving funding at this stage of our company’s growth from one of the top-tier venture capital firms in the U.S. is a clear validation of our strong business model as well as the high customer satisfaction that NationWide has established over the past two years. We plan to open our new clinics in strategic locations in the peripheral areas of Bangalore and cater to the largely underserved customers in this region. With 20 hub clinics and approximately 100 satellite clinics across Bangalore in the next year and a half, NationWide will build a strong base for affordable primary care through innovative services and a ‘customer-first’ mentality.”
Through services like personalized home visits by NationWide doctors and the ‘anytime-anywhere’ access to medical records for subscribed members, NationWide has already made inroads into the community healthcare mind share, a space that has traditionally been the domain of large hospital chains. NationWide also offerscorporate services, including on-site consultations and health education initiatives that are currently in use by several blue-chip companies, including Capgemini, Idea Cellular, Madura Coats and others.
Mr Mohan Kumar, Executive Director, NVP India, said, “NationWide aims to bring the best international practices in primary healthcare to India, spearheading a paradigm shift in India’s healthcare delivery system. The company’s strong product offering with extensive use of technology, combined with its attractive business model and market traction, make it well poised to disrupt the traditional primary healthcare market in India. We’re excited to partner with the NationWide team to help expand this already rapidly growing company.”
The primary healthcare market is currently estimated at $40 Billion and is expected to cross $200 Billion in the next 10 years. With such massive growth anticipated, NationWide has partnered with leading diagnostic lab chains and tertiary-care hospitals to provide their customers with preferential benefits and “continuity of care” referrals. The company maintains electronic health records in the cloud and runs a 24/7 on-call doctor service for their subscribed annual health plan members, ensuring that the family doctor is never more than a phone call away.
About NationWide Primary Healthcare Services Pvt. Ltd:
NationWide Primary Healthcare Services Pvt. Ltd (NationWide) is a pioneering chain of Primary Care clinics that was awarded the “Most Innovative Primary Healthcare Services in Bangalore” by BIG Brand Research at the Brands Academy Karnataka Service Excellence Awards in 2011.
NationWide, through its concept of “Bringing back the Family Doctor”, aims to revive the age-old family doctor model. The chain’s primary care clinics focus on bridging the gap between fragmented general practitioner services and highly expensive super-specialist hospital care by creating a single-point of medical care for their patients’ everyday healthcare needs. NationWide doctors provide personalised GP and paediatric care to individuals, families, and corporate groups in the community. Their prime focus is on proactive management of every day ailments and effectively managing chronic conditions. The healthcare company plans to open 1500 clinics across India over the next 5 years, revolutionising primary healthcare in the country. For more information, visit www.nationwidedocs.org
About Norwest Venture Partners (NVP):
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages more than $3.7 billion in capital and has funded over 500 companies since inception. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. For more information visit: www.nvp.com.