Home / Companies / Portea Medical acquires majority stake in PSTakeCare

New Delhi: HealthVista India Pvt. Ltd, which owns home healthcare solution provider Portea Medical, on Monday said it has picked up a majority stake in health-tech start-up PSTakeCare in an all-cash deal.

The company did not reveal more details on the deal.

Mumbai-based Takecare Technology Pvt. Ltd, which runs PSTakeCare, provides healthcare consumers with information on doctors, hospitals and other healthcare service providers, helping them take decisions based on factors such as insurance cover provided, procedure-specific feedback and room-wise costs.

The company, which offers its services in a few areas of Mumbai, will now launch its services in other metros during the course of this year.

PSTakeCare was founded in March by Pratik Chinchole, Rahil Momin and Anup Raaj, graduates of Indian Institute of Chemical Technology, Bombay. It currently has 40 staff. Post acquisition, the company will work as a separate entity.

“Better informed patients and enhanced transparency among healthcare service providers will remove ambiguity and opaqueness, and ultimately benefit the healthcare system across the board," said Meena Ganesh, managing director and chief executive officer of Portea.

This is company’s second acquisition after it acquired speciality pharmaceutical distributor Medybiz Pharma Pvt. Ltd for an undisclosed amount in November.

Ganesh said the company is exploring other investments as well, as it expands its offerings to tackle the challenges brought on by India’s ageing population, non-communicable diseases and the huge gaps in healthcare infrastructure.

Portea employs more than 4,000 people and claims to be handling over 70,000 home visits a month across 24 cities in India.

The company focuses on general primary health care, post-hospitalization care, chronic disease management and allied services such as diagnostics and medical equipment on hire. It works closely with hospitals, insurance companies and individuals and provides home visits by doctors, nurses, physiotherapists and nursing attendants employed by the company.

It has over 50 hospitals as partners and a network of referring physicians all over India.

It raised $37.5 million in a funding round led by Accel Partners, with participation from International Finance Corp. (IFC), a member of the World Bank Group, Qualcomm Ventures and Ventureast.

The company had earlier raised $9 million from Accel Partners, Qualcomm Ventures and Ventureast in December 2013.

Portea was founded in 2012 by Zachary Jones and Karan Aneja. It was sold to serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh in 2013 for an undisclosed amount in an all-equity deal.

The online home healthcare segment in India is booming, with Portea leading the race. It competes with Care24 (Aegis Care Advisors), which raised $4 million in a fresh round led by venture capital firm SAIF Partners last week.

Another competitor, Zoctr Health Pvt. Ltd, recently raised an undisclosed amount from Brand Capital.

Doorstep healthcare service provider India Home Health Care saw a 26% stake acquisition by US-based Bayada Home Health Care in September 2013. According to start-ups data tracker Tracxn, there are over 35 companies in the home healthcare segment.

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