Portea Medical, an Indian home healthcare platform has received $37.5 million in Series B funding led by Accel Partners. International Finance Corporation (IFC), a member of the World Bank Group, Qualcomm Ventures and Ventureast also participated in the round. As part of the deal, Arun Mathew from Accel joins Portea’s Board of Directors.
The company will use the latest investment to fuel the company’s expansion in India where it currently operates across 24 cities and handles 60,000 visits in a month to patients’ homes. It will also utilize the funding to grow in other markets, including Malaysia where it already provides services in four cities.
The firm has more than 3,000 staff 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.
Portea focuses on general primary health care, post-hospitalization care, chronic disease management and allied services such as diagnostics. The company works with hospitals, insurance companies and individuals to improve health outcomes by providing a continuity of care in the home setting through doctors, nurses, physiotherapists and nursing attendants employed by Portea. It also provides collection of lab samples and medical equipment on hire, bringing the entire gamut of healthcare services to a patient’s doorstep.
Meena and Ganesh krishnan bought Portea Medical in July 2013 from Zachary Jones and Karan Aneja, who started the company in 2012.
The firm has 40+ hospitals as partners, and a network of referring physicians all over India. The company had previously received $ 9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.