Home focused healthcare platform Portea Medical has raised $26 million Series C round led by new investors Sabre Partners and MEMG CDC. Existing investors Accel, International Finance Corporation (IFC), and Qualcomm Ventures also participated in this round.
The company will deploy proceeds towards bringing depth to services and consolidate its position as a trusted port-of-call for every healthcare need. Avendus Capital provided financial advisory services for the deal.
“ In less than five years, we have served more than 2.5 lakh customers across 16 cities in India and created hundreds of jobs. We look forward to further refining the paradigm for consumer-centric healthcare in India with the continued support of our customers, investors and healthcare industry partners,” said Meena Ganesh, MD & CEO of Portea Medical in a statement.
Currently, Portea operates across 16 cities in the country and claims to have served over 2.5 lakh patients. It had previously raised 37.5 million Series B in September 2015 while the Bengaluru-based company had clinched $8 million Series A round in 2013.
Qualcomm Ventures made a strategic investment in the company in July 2014.
Rajiv Maliwal, Founder and Managing Partner, Sabre Partners, said “Our investment in Portea illustrates Sabre Partners’ commitment to supporting the growth of the healthcare sector in India. By using innovative approaches, Portea continues to make an important contribution to improving access and bringing higher quality care for all patients.”
Meena and Ganesh Krishnan bought Portea Medical in July 2013 from Zachary Jones and Karan Aneja, who founded the company in the middle of 2012. The company had acquired home medical equipment service provider Health Mantra in an undisclosed cash and stock deal last year.
Home healthcare services are growing at a decent pace with other segments of the healthtech space (especially, pathology collection and prescription-based medicine delivery). Portea competes with India Home Healthcare, Unique Home Care by Apollo, Healers and Home and Nightingale’s among a few others.
Portea Medical: Website