Home healthcare startup Portea Medical raise $25 million (Rs 160 crore) in a Series C round from Sabre Capital, an India-focused mid-market private equity firm is leading the round. The funding round was also supported by their previous investors, Accel Partners.
This funding comes after two years. Previously, it raised its last round of funding of $37.5 million from Accel Partner. Commenting on the development, Meena Ganesh, CEO, Portea Medical told ET, “Portea is in talks with three investors to raise $25 million. I can’t elaborate further at this point.”
The Bangalore-Based startup was founded in 2013 by Ganesh Krishnan, Zachary Jones, Manjusha Anumolu, Karan Aneja and Meena Ganesh. Portea Medical is the largest and fastest growing provider of in-home medical care in India today with a 24-city network. The company offers home visits from physiotherapists, nursing attendants, nurses and doctors. In addition, Portea also provides a collection of lab samples from patients’ homes and medical equipment on hire, bringing the entire gamut of healthcare services to a patient’s doorstep.
The company handles over 1,20,000 visits per month across 16 cities and has about 4,500 employees. Portea Medical is reportedly raising the capital at a valuation lower than that during the previous investment round in 2015, according to one of the persons cited above. Portea has valued at Rs 628 crores post its Series B funding in 2015.
Commenting on the development, Co-founder of Portea Medicals, Ganesh Krishna, said: “Portea has registered 100% year on year growth (in FY17) on the back of the three acquisitions we closed out towards FY16-end. Each of these has made a substantial contribution to the top-line, especially on the specialist pharmacy distribution and medical equipment side.”
India’s home healthcare industry was worth $2 billion in 2014 and has been growing at 20% annually, according to accounting firm PricewaterhouseCoopers. The booming sector has caught the attention of entrepreneurs and investors alike. Read more about Indian Startup Ecosystem.