Bangalore-based Health Vista India, which owns and operates Portea Medical, a provider of in-home medical care, has raised Rs 25 crore in venture debt funding from Alteria Capital, a Mumbai-based specialty financing firm .
Touted as India’s largest and fastest growing provider of in-home medical care, Portea has recently introduced specialised and critical care services, including critical care at home, respiratory services, sleep apnea care, palliative care, cancer support services, post-trauma care, specialised rehab services and end-of-life care.
“They (Alteria Capital) are quick to understand the needs of the business and are long-term partners. Venture debt is a great alternative source of capital for high-growth businesses like Portea,” Meena Ganesh, CEO of Portea, said in a statement to Economic Times.
Founded in 2012 by Zachary Jones and Karan Aneja, Portea was sold to serial entrepreneurs Krishnan Ganesh and his wife Meena Ganesh in 2013 for an undisclosed amount in an all-equity deal.
The startup has raised a total of $76 million in funding over four rounds including this one. The investors in Portea include Accel Partners, Qualcomm Ventures, private equity firm Sabre Partners and Worl Bank affiliated IFC.
Portea operates across primary care, chronic disease management, elder care and post-operative care. It offers services such as physiotherapy, doctor consultations, new mother-and-baby care, specialty pharmacy, nutritional wellness, diabetic care, surgery discovery and tele-consultation.
“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,” said Vinod Murali, managing partner at Alteria Capital.
Just a couple of months back, Alteria Capital made the second close of its maiden Alteria Capital India Fund I with commitments of more than Rs 625 crore. Anchor investments to Alteria’s fund included those from IndusInd Bank, SIDBI and a large domestic office family fund.
Alteria provides venture debt to startups with cheque sizes ranging from Rs 2 crore to Rs 100 crore. The firm, cofounded by Murali and Ajay Hattangdi, who previously helmed the venture debt play at Temasek-backed InnoVen Capital India, counts some of India’s top consumer and technology startups in its portfolio, including Fingerlix, Toppr Technologies, Raw Pressery, Vogo Bikes, Dunzo and Vinculum.
Recent funding in in-home medical care space include Mumbai-based HealWell24, which has raised $200K in its Pre-Series A round of funding from bunch of angel investors, in May this year. Other players in this sEgment are Care24, NRI Family Health, and Lybrate.
In September 2015, Portea Medical had raised $37.5 million in a Series B round of funding led by existing investor Accel Partners. In June last year, Medwell Ventures had raised $10 million in its Series A round investment from Fidelity Growth Partners India and Fidelity Biosciences.
In April 2016, Portea had acquired home medical equipment provider Health Mantra India for an undisclosed amount in cash and stock. Prior to this in January same year, the startup had also picked up a majority stake in healthtech startup, PSTakeCare, a platform that connects key stakeholders in the healthcare delivery ecosystem. The investment in PSTakeCare follows Portea’s acquisition of speciality pharmaceutical distributor, MedybizPharma in November 2015.
Source – Economic Times
[Top Image – Portea Medical founder and CEO Meena Ganesh | Credit – ANITH.com]