Home focused healthcare platform Portea Medical to raise $25 million

Home healthcare solution provider Portea Medical is in talks to raise $25 million in its Series C round lead by Sabre Capital. Existing investor Accel Partners will also participate in the round.

The company had earlier raised $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast in 2015. Prior to that it had raised $9 million in a Series A round from Accel Partners, Qualcomm Ventures and Ventureast in December 2013.

“Portea is in talks with three investors to raise $25 million. I can’t elaborate further at this point,” confirmed CEO Meena Ganesh to ET, declining to share specific details.

Founded in 2012 by Zachary Jones and Karan Aneja, Protea was sold to serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh in 2013 in an all equity deal.

The couple is known for their startup Growthstory, an angel investment firm, which has backed businesses such as online grocery store BigBasket, internet-first kitchen Freshmenu, including others. TutorVista was one of their exclusive product which was sold to Pearson for $213 Mn.

Patient-centric Protea Medical provides high-quality services come at a lower cost. It is working with the leading hospitals and insurance companies to build understanding and establish the concept of in-home healthcare in the country by bringing up doctors, nurses, physiotherapists, nutritionists, counselors, and home health aides on its platform.

The Protea Medical handles over 1,20,000 visits per month across 16 cities and has about 4,500 employees. It claims to have been growing 100 per cent on a year on year basis on the back of the three acquisitions by the company towards FY16-end.

The firm clocked Rs 42.45 crore in revenues in FY16 as per financial documents filed with the RoC and accessed from Tofler. Portea competes with the likes of Health Care at Home, Homital Medcare, Zoctr Health and India Home Health Care, among others.

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