Portea Medical receives Rs 48 crores funding from Accel Partners and Ventureast
Portea Medical has received a combined Rs 48 crores in Series A funding from venture capital firms, Accel Partners and Ventureast.
Portea will use the funding to fuel its growth in 2014 and beyond as it looks to grow both organically and via acquisitions, to a further six Indian cities in addition to the four cities (New Delhi, Mumbai, Bangalore and Chennai) where the company’s home healthcare services are already available.
“We are delighted to have Accel Partners and Ventureast as our partners. The quantum of funding is the largest ever Series A VC investment in a home healthcare company in India; we believe this development is a striking endorsement of Portea’s leadership and growth prospects in the rapidly expanding home healthcare sector in the country,” said Meena Ganesh, Co-founder and CEO at Portea.
“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,” she said.
Following the development, Mahendran Balachandran from Accel Partners and Venkatadri Bobba from Ventureast will join the Portea Medical Board of Directors.
Portea works with hospitals, insurance companies and individuals to improve health outcomes by providing a continuity of care in the home setting from doctors, nurses, physiotherapists, nutritionists, counselors, and home health aides. The company has five tier-1 corporate hospitals as partners, a network of hundreds of referring physicians all over India and handles around 2000 home visits a month.
EH News Bureau
