Bengaluru-based home healthcare service provider Portal Medical has secured a commitment from the United States International Development Finance Corporation for a $7.7 Mn local currency guarantee facility to assure repayment of an INR-denominated loan, to be issued by a local commercial bank in India.
Portea Medical will utilise the DFC-guaranteed loan in the expansion of the startup’s business through digitalisation, broadening service offerings, increasing geographical coverage and developing innovative delivery channels for home-based healthcare. The fund will also be used to mobilise capital investments in equipment and working capital.
During the pandemic, Portea brought together over 1,000 healthcare workers and 500 doctors, directly and through partnerships, to deliver home isolation support for COVID-19 patients under agreements with the governments of Delhi, Karnataka, Haryana, Punjab, Chennai and local administrations. Portea has tended to over 4 lakh COVID-19 positive patients till date.
Noting that DFC is known for its focus on creating social impact through investment in businesses such as healthcare, Meena Ganesh, Co-Founder, MD and Chairperson of Portea Medical said: “DFC’s investments are spread across Latin America, Sub-Saharan Africa, the Indo-Pacific, and emerging markets around the world. Their focus on low-and lower middle-income countries has ensured that organisations get the much-needed financial support for developmental projects.”
The consumer healthcare provider focuses on general primary health care, post-hospitalisation care, chronic disease management and allied services. The company offers home visits from doctors, nurses, nursing attendants and physiotherapists.
Founded in 2013, Portea also provides collection of lab samples and offers medical equipment for sale or on hire. As per the company, it manages over 1.2 lakh patients visits a month.
Amid the pandemic, the platform has introduced new services such as chemotherapy and dialysis at home. Home healthcare services have witnessed rapid growth in the past two years due to rise in demand amid the pandemic.
According to Inc42 Plus, India’s healthtech market is estimated to reach $21 Bn in 2025 on the back of telemedicine and preventive healthcare growth. Further, the report showed that preventive healthcare in the country is expected to reach a market size of $170 Bn by 2025, primarily driven by fitness and wellness apps and diagnostics solutions.