Portea Medical, a home healthcare company is in advanced talks to secure $25 million (Rs 160 crore) in its Series C round of funding. If sources to be believed, Sabre Capital, an India-focused mid-market private equity firm is leading the round. Accel Partners is also participating in the round, as per the sources.
Commenting on the development, Meena Ganesh, CEO, Portea Medical told ET, “Portea is in talks with three investors to raise $25 million. I can’t elaborate further at this point.”
As per the sources, Portea is reportedly raising the capital at a valuation lower than that during the previous investment round in 2015.
Founded in 2013, Portea Medical focuses on general primary health care, post-hospitalization care, chronic disease management and allied services. The company offers home visits from doctors, nurses, nursing attendants and physiotherapists. In addition, Portea also provides the collection of lab samples and medical equipment on hire, bringing the entire gamut of healthcare services to a patient’s doorstep.
Being a part of serial entrepreneurs K Ganesh and Meena Ganesh’s startup factory GrowthStory, Portea in 2015 had secured an investment of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast which had valued the company at Rs 628 crore. Prior to this, Portea had received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.
Not only this, In April 2016, Portea had acquired home medical equipment provider Health Mantra India for an undisclosed amount in cash and stock. I January 2016, the firm had picked up a majority stake in healthtech startup, PSTakeCare, whose platform seamlessly connects key stakeholders in the healthcare delivery ecosystem. The investment in PSTakeCare follows Portea’s acquisition of speciality pharmaceutical distributor, MedybizPharma in November 2015.
The firm claims to handles over 1,20k visits per month across 16 cities and has about 4,500 employees. An email sent to Portea Medical did not elicit any response at the time of publication.