BackPortea raises $26 million in Series C round from Sabre Partners, others
With the latest funding, Portea will consolidate its position as a trusted port-of-call for every healthcare need outside of hospital care, says CEO Meena Ganesh
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Bengaluru: Consumer healthcare solutions provider Portea Medical, owned by HealthVista India Pvt. Ltd, has raised $26 million in a Series C funding round led by Sabre Partners and Manipal Group’s MEMG CDC fund.
Portea’s existing investors Accel Partners, International Finance Corporation and Qualcomm Ventures also participated in this round.
“With this funding round, we will add more depth to our services and consolidate our position as a trusted port-of-call for every healthcare need that an individual and his/her family members may have outside of hospital care," said Meena Ganesh, chief executive officer (CEO) of Portea.
Portea provides four broad healthcare services on its online platform—primary care, chronic disease management, elder care and post-operative care. Services offered include physiotherapy, doctor consultations, specialty pharmacy, wellness and diabetic care.
The start-up works with more than 50 hospitals and 15 pharmaceutical and insurance companies in India for offering its services online.
Portea raised $37.5 million in a Series B funding round led by Accel and International Finance Corp in September 2015.
The company was founded in 2012 by Zachary Jones and Karan Aneja. It was then acquired by serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh in 2013 for an undisclosed amount, in an all-equity deal.
“Portea has built a comprehensive, tightly integrated platform for a range of tech-led healthcare services. In less than five years, we have served more than 2.5 lakh customers across 16 cities in India and created hundreds of jobs. We look forward to further refining the paradigm for consumer-centric healthcare in India with the continued support of our customers, investors and healthcare industry partners," Ganesh said in a statement.
“Our investment in Portea will help the company scale and embed technology to improve efficiency and effectiveness in its delivery. Considering that (online) home care service will be delivered significantly through people, this will directly lead to employment generation (the company will engage close to 6000 people in two years’ time) and skill upgradation for its (Portea’s) personnel," said Harinarayan Sharma, managing director (MD), MEMG CDC Ventures in a statement.
Till date the company has raised more than $70 million in funding and acquired two companies to expand its offerings in the home healthcare segment. In March 2016, it acquired Health Mantra to expand into specialty care segments like respiratory care, geriatric care and orthopedics.
In November 2015, Portea acquired Medybiz Pharma Pvt. Ltd, a pharmaceutical distributor for an undisclosed amount.
Portea competes with other online healthcare providers like Practo, Lybrate, and 1mg which offers online ordering of medicines. Practo had acquired its smaller rival Qikwell in 2015. Practo had also raised $55 million from China’s Tencent and others in January.
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