Bangalore-based NationWide Primary Healthcare Services, a retail chain of primary care clinics, has raised Rs 25 crore in funding from US-based Norwest Venture Partners.
NationWide was founded in March 2010, and 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 to set up a total of 120 clinics in Bangalore.
The primary healthcare market is currently estimated at $40 billion and is expected to cross $200 billion in the next 10 years. Anticipating massive growth, NationWide has partnered with leading diagnostic lab chains and tertiary-care hospitals.
Norwest Venture Partners is a venture capital fund that manages more than $3.7 billion in capital. It invests in early to late stage venture and growth equity investments across a wide range of sectors.
Headquartered in Palo Alto, California, Northwest has subsidiaries in Mumbai and Bengaluru, Herzelia in Israel and Hong Kong. Norwest has been active in the healthcare space in the country.
Speaking about the funding, Santanu Chattopadhyay, Founder and Managing Director, NationWide, said: “We aim to bring back the family doctor concept in the organised sector in India. 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. The company's health education initiatives are currently in use by several blue chip companies, including Capgemini, Idea Cellular, Madura Coats.