It has been estimated that around 70% of the visits to the clinics are unnecessary in India, thus making a way for another niche category of home healthcare market, being valued at $2-4 billion says founder of New Delhi Based startup, Portea Medical.
A provider of home healthcare services in India, Portea Medical has been recently acquired by the Indian tech entrepreneur duo K Ganesh and Meena Ganesh in a deal combining cash and equity.
Portea Medical was co founded by Zachary Jones and Karan Aneja, and is built on US home healthcare model, providing post-operative and other clinical support with healthcare specialists to outpatients. It is focused on building the domestic home healthcare market supported by advanced diagnostic and remote monitoring technology. It has a network of 200+ referring physicians in Delhi and Bangalore currently.
As per the reports, the founders will remain part of the senior management, with Meena as CEO. Portea is also planning to expand its operations in Mumbai and Hyderabad along with top 10 cities in the next one year.
It is Ganesh and Meena’s fifth venture, after the launch of four successful startups with an aggregate capital of INR 1.6 crore and having a successful exit from all of its four ventures, viz. IT&T, Customer Asset, Marketics and TutorVista, at total valuation of US$300 Mn. Also, Ecommerce firms like e-grocer BigBasket , online jeweller BlueStone and internet-based religious venture Online Prasad, are a part of their portfolio, consolidated under Growth Story, a INR 200 crore corpus fund.
The home healthcare market, worldwide is witnessing a lot of M&A activity with US industry leaders LHC, Gentiva and Amedisys acquiring about 40 smaller rivals, as per the reports. Also, the global home healthcare market is estimated to reach $370 billion by 2015, with US alone accounting for $70 billion. Thus, building a mature market for investment in the upcoming years.