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Portea Medical, Bangalore-based home healthcare firm, has received Rs 48 crore in Series A funding from venture capital firms, Accel Partners and Ventureast. Portea will use the funding to fuel its growth in 2014 to a further six Indian cities in addition to the four (New Delhi, Mumbai, Bangalore and Chennai).
Portea offers home visits from MBBS-level doctors, nurses, physiotherapists, nutritionists, counselors, and trained attendants. The company focuses on geriatric, chronic and post-operative care patients using latest technology and tools make healthcare delivery convenient and affordable.
Meena and her husband, K Ganesh, have established Portea along with Dr. Manjusha Anumolu. Portea is Ganesh’s fifth venture, preceded by four green field ventures and exits – the most recent, TutorVista, which was sold to Pearson for $ 213 million (around Rs 1329 crore).
“Meena Ganesh, Co-founder and CEO at Portea said, “The funds will help us strengthen our offering even as we accelerate our expansion across India in the coming months, and invest in advanced diagnostic and remote monitoring technology to support our clinicians as they deliver a range of in-home healthcare services."
Mahendran Balachandran from Accel Partners and Venkatadri Bobba from Ventureast will join the Portea Medical Board of Directors.
Portea clinicians currently handle around 2000 home visits a month providing geriatric and palliative care for chronic patients. The company is working with leading hospitals and insurance companies to build understanding and establish the concept of in-home healthcare in the country.
The home healthcare market in India, currently estimated as a $2-4 billion a year opportunity, is driven by the increasing prevalence of chronic diseases, an aging population, and the need for better quality post-operative and primary care.
