By investing USD 30-40 million, in-home healthcare services provider Portea Medical plans to expand to 50 Indian cities over the next two years.
"We are by far the largest and fastest growing home healthcare provider in the Indian market today. Our target is to be in 50 Indian cities which have a population of above 1 million) in the next 24 months," said Meena Ganesh, CEO and co-founder of Portea Medical,.
Six months ago, they had raised USD 8 million (around Rs 48 crore) in series A funding from Accel Partners and Ventureast.
"We are aiming to raise our series B funding of USD 30-40 million in the next 12 months and are looking at all options, including the PE route for these funds," she said.
Started last year, the Bangalore-based company has already expanded to 18 cities using their proprietary technology platform.
Their Kolkata chapter started recently while they are already present in other cities like Hyderabad, Pune, Coimbatore, Lucknow and Vizag.
The company CEO said Bangalore and the Delhi/NCR region followed by the other metros accounts for the bulk of their patient base.
Currently, Portea handles approximately 18,000 patient visits every month with its 1000 employees which include doctors, physiotherapists and nurses.
Portea estimates that the home health care market is between 2-4 billion USD and in the next 10 years the size of the industry would grow to over 15 bn USD in India.
A relatively new concept in India, home health care is being targetted at the elderly, patients who are immobile, terminally ill and patients requiring simple but repetitive treatments like physiotherapy, dressings and daily injections.
