Bengaluru-based home healthcare startup Portea Medical has raised $26 Mn funding in a Series C round led by Sabre Partners and MEMG CDC Ventures. Existing investors Accel, Washington-headquartered International Finance Corporation (IFC) and Qualcomm Ventures also participated in the round.
Avendus Capital served as the sole financial advisor of the funding round in Portea.
With the newly-secured funding, the startup is looking to consolidate its position as a one-stop solution for all healthcare needs of an individual/family outside of hospital care. Consequently, Portea Medical is planning to utilise the investment to bolster its product offerings.
Commenting on the fundraise, Rajiv Maliwal, founder and Managing Partner at 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. The company has played a key role in establishing the concept of consumer-led healthcare and we look forward to working with them as they continue to transform healthcare services in India beyond the hospital space.”
Founded in 2002, Sabre Partners is an India-focussed private equity firm specialising in mid-market investments. In the last decade, the firm has pumped more than $325 Mn in companies across diverse sectors such as infrastructure, financial services and healthcare. In last few years, Sabre Partners has expanded its investment focus to include startups developing solutions in renewable energy, waste management and water preservation segments.
MEMG CDC Ventures, on the other hand, is a joint venture between CDC Group, the UK’s Development Finance Institution and Medical Group (MEMG). In February this year, the firm launched a $74 Mn (INR 500 Cr) fund targeted at healthcare networks and service providers that provide services beyond the traditional hospital systems, operating in India, Africa, and South Asia.