Portea raises ₹25 crore in venture debt from Alteria Capital
Alteria is backing a number of emerging startups, including Dunzo, Toppr and Vogo, which recently raised $100 million from Ola
Bengaluru: Portea Medical, a consumer healthcare service provider owned by HealthVista India Pvt. Ltd., has raised ₹25 crore in venture debt from Alteria Capital, the latter said in a statement. Co-founded by former executives of Temasek Holdings-backed InnoVen Capital, Ajay Hattangdi and Vinod Murali, Alteria Capital has a corpus of ₹800 crore, with a so-called greenshoe option of another ₹200 crore.
Alteria has so far backed a number of emerging startups, including hyperlocal delivery startup Dunzo, education platform Toppr Technologies Pvt. Ltd, and scooter-sharing startup Vogo, which recently got a commitment of $100 million from Ola (ANI Technologies Pvt. Ltd.).
“It has been a pleasure working with the team at Alteria Capital. They are quick to understand the needs of the business and are long term partners. Venture Debt is a great alternate source of capital for high growth businesses like Portea and we are excited to partner with Alteria,” said Meena Ganesh, chief executive of Portea, in the statement.
Portea, which was founded in 2012 by Zachery Jones and Karan Aneja, provides services in four broad categories such as primary care, chronic disease management, elder care and post-operative care. It offers services including physiotherapy, doctor consultations, new mother-and-baby care and diabetic care.
The startup works with more than 50 hospitals and 15 pharmaceutical and insurance companies in India for offering its services online.
In 2013, the company was acquired by Ganesh and her husband Krishnan Ganesh, partner at Growth Story, for an undisclosed amount, in an all-equity deal.
“Providing affordable, convenient healthcare services at home is a massive value proposition which is relevant for not just the Indian market but other emerging markets as well. The Portea brand has created a strong positioning of trust and credibility and we are very excited to support Meena and play a small part in this journey, ” said Murali, co-founder and managing partner, Alteria Capital.
Till date the healthcare provider has raised about $72.5 million in total funding from investors including Accel Partners, Qualcomm Ventures and Ventureast, according to data from Crunchbase.
Portea competes with Health Care at Home India Pvt. Ltd, Homital Medcare Pvt. Ltd, Zoctr Health Pvt. Ltd and India Home Health Care, among others.
- Air India invites bids from state governments, PSUs for Nariman Point building
- HDFC Bank Q3 net profit rises 20% to Rs 5,586 crore
- FedEx starts $575 million worker buyout as overseas demand cools
- Facebook faces potential record US fine on privacy violations: Report
- India’s data must be controlled by Indians, not by global corporates: Mukesh Ambani on data colonisation
Editor's Picks »
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies