Bangalore-based NationWide Primary Healthcare Services Pvt Ltd has raised Rs 5.5 crore ($0.9 million) in a fresh round of venture debt funding led by SVB India Finance. The capital will be used for increasing the footprint of NationWide clinics across India.
Founded by two doctors, Santanu Chattopadhyay and Shantanu Rahman, NationWide is a chain of primary care clinics headquartered in Bangalore. The clinics offer family physician consultations, women and child care, elderly care, home visits, doctor-on-call, diagnostic lab tests and chronic disease management services.
The company currently operates over 20 open-to-public and corporate clinics across Bangalore and Gurgaon, and will be launching new clinics in Delhi and the rest of NCR shortly. Over the next five years, NationWide plans to have a presence of around 1,000 clinics across India.
Prior to this, NationWide raised a total of Rs 31 crore across angel investment and a round of PE funding from Norwest Venture Partners.
“This round of funding will enable us to focus our efforts on the expansion of our clinics to newer geographies and help ensure that every family has access to a competent and patient-centric family doctor,” Chattopadhyay, co-founder and CEO, NationWide said.
SVB India Finance is a part of global venture and growth debt provider Silicon Valley (SVB). Started in 2008 in Mumbai, it offers multiple sources of diverse debt capital including venture debt, mezzanine debt, acquisition financing, growth capital and capex financing.
“Healthcare is one of the core verticals for SVB India Finance and we are excited to be able to further build our presence in this space by partnering with a company like NationWide,” said Ajay Hattangdi, MD, SVB India Finance.
(Edited by Joby Puthuparampil Johnson)