Alteria Capital, which claims to be India’s largest Venture Debt fund, said it has invested $3.6 Mn (INR 25 Cr) in Bengaluru-based home healthcare services provider Portea Medical.
The funding is in the form of venture debt and commenting on the development Vinod Murali, Co-Founder & Managing Partner of Alteria Capital said “ Providing affordable, convenient healthcare services at home is a massive value proposition which is relevant for not just the Indian market but other emerging markets as well. The Portea brand has created a strong positioning of trust and credibility and we are very excited.”
Alteria Capital has committed about $39.3 Mn (INR 275 Cr) across more than 15 transactions till date and in October, the venture fund announced the second close of its fund at $85.48 Mn (INR 625 Cr), just a year after inception.
Alteria Capital India Fund I has a total corpus of $123 Mn (INR 800 Cr) and a greenshoe option of a further $30 Mn (INR 200 Cr).
Portea Medical is a company that is promoted by GrowthStory founded by serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh. Meena Ganesh also happens to be the MD and CEO of Portea.
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“It has been a pleasure working with the team at Alteria Capital. They are quick to understand the needs of the business and are long term partners. Venture Debt is a great alternate source of capital for high growth businesses like Portea and we are excited to partner with Alteria, ” said Meena Ganesh.
Just over a year ago, Portea had raised $26 Mn funding in a Series C round led by Sabre Partners and MEMG CDC Ventures.
At the time, the Portea was looking to consolidate its position as a one-stop solution for all healthcare needs of an individual/family outside of hospital care and also planning to utilise the investment to bolster its product offerings.
Three months after the fundraise, the company, in March acquired Health Mantra, a home medical equipment service provider, in an undisclosed cash and stock deal.
In September, PharmEasy, which also operates in a similar vertical, also raised venture debt funding of $5.5 Mn (INR 40 Cr) from Mumbai-based InnoVen Capital.
Earlier this week, it was reported that Portea Medical has expanded is service list to include providing specialized and critical care services in select cities.
Portea Medical offerings now include critical care at home, respiratory services, sleep apnea care, palliative care, cancer support services, post-trauma care, specialised rehab services, and end-of-life care.
Portea claims to serve 2.5 Mn patients across 16 cities and manages 120,000 patients every month.