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Business News/ Companies / News/  Portea Medical raises fund from Qualcomm Ventures
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Portea Medical raises fund from Qualcomm Ventures

Firm says it has raised an undisclosed amount from Qualcomm Ventures, after $8 mn from Accel Partners, Ventureast last year

Portea Medical provides geriatric, chronic, post-operative and primary care to patients at home on a transaction or subscription basis, depending on the need and stage of the illness.Premium
Portea Medical provides geriatric, chronic, post-operative and primary care to patients at home on a transaction or subscription basis, depending on the need and stage of the illness.

Mumbai: Bangalore-based Portea Medical Pvt. Ltd, which provides health-care services at homes, said on Thursday that it has raised an undisclosed amount from Qualcomm Ventures, a San Diego-based venture capital firm.

This funding will help the firm move towards its target of expanding to 50 cities in the next two years. It currently operates in 18 cities. The company had raised $8 million (around 48 crore) in December from Accel Partners and Ventureast, a Bangalore-based venture capital fund.

Qualcomm through its expertise and guidance will help Portea become the focal point for technology-led solutions to tackle two of India’s biggest challenges—chronic disease management and support for the growing population of elderly in the country," Meena Ganesh, chief executive officer, Portea Medical, said in a telephone interview with Mint.

The firm was looking to raise $50 million in funding in the next six to eight months, she said.

The company provides geriatric, chronic, post-operative and primary care to patients on a transaction or subscription basis, depending on the need and stage of the illness. It handles 20,000 visits a month and has 1,000 employees.

“Wireless technologies are revolutionizing health care, and with our investment in Portea, we aim to create a technology-based platform to address India’s health-care challenges," Karthee Madasamy, vice-president, Qualcomm Ventures India, said in a statement.

Zachary Jones and Karan Aneja founded Portea Medical in 2012. The company was acquired by Krishnan Ganesh and Meena Ganesh in September 2013 in an all-equity deal through their venture HealthVista, which was set up in July last year.

This is the Ganeshs’ second venture. The couple entered the home health-care services sector after they sold their previous venture TutorVista Global Pvt. Ltd to British publishing and education company Pearson Education for $213 million in February 2013.

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Published: 31 Jul 2014, 02:48 PM IST
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