Portea Medical Raises $37.5 Mn From Accel Partners

Bangalore based home healthcare firm, Portea Medical, has raised $37.5 Mn in a Series B round of funding led by Accel Partners. Other investors who participated in the round included International Finance Corporation (IFC), Qualcomm Ventures and Ventureast. The funding will go towards fuelling the company’s expansion in the country as well as to grow in other markets elsewhere in the region including in Malaysia where it already provides services in four cities.

In India, Portea medical operates across 24 cities and handles 60,000 visits in a month to patients’ homes. It has staff of over 3,000 and plans to recruit an additional 5,000 employees over the next 18 months in line with the company’s growth plans across the region. It focuses on general primary health care, post-hospitalization care, chronic disease management and allied services such as diagnostics and medical equipment on hire thereby bringing the entire gamut of healthcare services to a patient’s doorstep. The company has 40+ hospitals as partners, and a network of referring physicians all over India.

Meena Ganesh, MD & CEO of Portea stated, “This investment from marquee investors recognizes the rapid strides Portea has made as well as points to our prospects as we build the company into India’s leading consumer healthcare brand in the coming years.”

Arun Mathew from Accel Partners will join Portea’s Board of Directors. Said Mathew, “There is a tremendous need to offer an in-home healthcare option for millions of people in India and other emerging markets. Portea’s service actually improves health outcomes for patients because it combines highly trained physicians/nurses and technology, making the healthcare process more efficient and accessible.”

The company had previously received $ 9 Mn Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013. In July 2014, it had further raised an undisclosed amount of funding led by Qualcomm Ventures.

Last month, another Bangalore-based healthcare platform, Practo, had raised $90M in Series C round funding led by Tencent, with participation from marquee institutional investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner.

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