Soon after joining hands with Cumbala Hill Hospital to offer post surgery care to cardiac patients, one of the leading home healthcare company, Portea Medical has today announced raising $37.5 million (about Rs 247 crore) in Series B round of funding.
The company had previously received $9 million in Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.
Commenting on the matter, Meena Ganesh, MD & CEO, Portea Medical said, “This investment from marquee investors recognises the rapid strides Portea has made as well as points to our prospects as we build the company into India’s leading consumer healthcare brand in the coming years.”
Started in July 2013, Portea Medical is the brainchild of Serial Entrepreneurs - Ganesh Krishnan and Meena Ganesh, who are also known as business leader duos of India.
With an aim to expand healthcare access to millions of people in India, the investment was led by Accel Partners and International Finance Corporation (IFC) - a member of the World Bank Group, with participation from Qualcomm Ventures and Ventureast. Further, Arun Mathew from Accel will be joining the Board of Directors of Portea.
He said, “There is a tremendous need to offer an in-home healthcare option for millions of people in India and other emerging markets.” Adding further, Mathew said, “Portea’s service actually improves health outcomes for patients because it combines highly trained physicians/nurses and technology, making the healthcare process more efficient and accessible.” Currently, Portea has over 3,000 staff members and has plans to recruit about 5,000 more employees in next 18 months to back its elaborate expansion plans.
Notably, Portea has elaborate plans of using the latest investment to fuel the company’s expansion in India. It currently operates in 24 cities and handles 60,000 visits in a month to patients’ homes. The company also plans to expand in Malaysia, where it already provides services in four cities.
Meanwhile, Pravan Malhotra, IFC’s Venture Capital Lead for South and Southeast Asia, noted, “Portea’s model of providing affordable and quality care for patients in their homes ensures that hospital infrastructure and beds can be utilized for more critical medical cases and procedures. Our investment in the company will also help them create jobs and a skilled workforce, thus, creating adequate opportunities in tier II and III cities.”
Portea focuses on general primary health care, post-hospitalisation care, chronic disease management and allied services such as diagnostics and medical equipment on hire, thereby bringing the entire gamut of healthcare services to a patient’s doorstep. The company has more than 40 hospitals as partners and an extensive network of referring physicians all over India.
