The company will use the latest investment for expansion in India and other markets such as Malaysia
At-home healthcare company Portea Medical has received $37.5 million in Series B funding led by Accel, with participation from International Finance Corporation (IFC), Qualcomm Ventures and Ventureast.
As a result Arun Mathew from Accel will join Portea’s board of directors. The company will use the latest investment for expansion in India and other markets such as Malaysia. It currently operates across 24 cities in India and handles 60,000 visits in a month to patients’ homes.
“This investment from marquee investors recognises 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,” said Meena Ganesh, MD and CEO, Portea.
The company had previously received $9 million from Accel, Qualcomm Ventures and Ventureast in December 2013. Portea, which has more than 3,000 staff provides at home healthcare for general primary health care,
post-hospitalisation care, provides medical equipment on hire, etc. It plans to recruit 5,000 employees over the next 18 months.
“When we set up Portea, our aim was to make world-class primary care conveniently accessible. Over the last 18 months, we have had the privilege of serving thousands of people and helping patients and their families deal with a range of healthcare challenges. I would like to thank all our investors, the many hospitals and other partners we work with, for believing in Portea’s mission to ‘heal at home,’ and extending their support to us,” added Ganesh.
“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,” said Arun Mathew, principal, Accel Partners.