Portea To Raise About ₹ 1000 Cr through IPO

Healthvista India Limited has filed papers with markets regulator Sebi to raise about Rs 1,000 crore through an initial public offering IPO, according to financial data accessed by business intelligence platform, Tofler.

The company is an out-of-hospital healthcare provider popularly known by the brand name Portea.

Established in the year 2013, Healthvista India Pvt Ltd is operating all its business activities from its office based at Bengaluru.

According to financial data accessed by business intelligence platform, Tofler, the Operating Revenue of the company in FY21 was Rs. 82 crore.

In September last year, Portea got commitment for $7 mn loan guaranty facility from United States International Development Finance Corporation (DFC).

With presence in 24 cities, Portea offers home visits from physiotherapists, nursing attendants, nurses and doctors. In addition, Portea also provides collection of lab samples from patients’ homes and medical equipment on hire, bringing the entire gamut of healthcare services to a patient’s doorstep.

The healthcare industry in India is expected to grow at a CAGR of 20.5 per cent from 2020 to reach $870 billion by 2027.

Healthcare Firm Portea Raises ₹25 Cr in Venture Debt Funding from Alteria Capital

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]

Healthcare Firm Portea Medical To Raise $25 Mn From Sabre Capital, Accel

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.

Health Startup Portea Medical Buys Health Mantra

[caption id="attachment_104515" align="alignnone" width="700"] Meena Ganesh, MD & CEO of Portea with Ashish Bhutada , founder CEO of Health Mantra[/caption]

Portea Medical, the healthcare startup has acquired home medical equipment provider Health Mantra India for an undisclosed amount in cash and stock. This acquisition will help Protea expand into home healthcare areas such as sleep medicine, respiratory care, geriatric care and orthopaedics.

This is Portea’s third deal in five months. The company had picked up a majority stake in healthcare discovery firm PSTakeCare in January 2016 and acquired specialty drug distributor Medybiz Pharma Pvt Ltd in November 2015.

Bengaluru-based Health Mantra was started in 2009 by Ashish Bhutada and Anoop Kodoli. The startup consists of more than 30 people in its team. It is operational across five states - Karnataka, Kerala, Tamil Nadu, Andhra Pradesh/Telangana and Maharashtra. The company provides home healthcare equipment and services for patients with sleep apnea and respiratory disorders as well as also offers respiratory equipment to hospitals.

In September 2015, Portea had received Series B funding of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast. The company is also exploring other investments to expand its offerings.

Health Startup Portea Medical Buys Health Mantra

Meena Ganesh, MD & CEO of Portea with Ashish Bhutada , founder CEO of Health Mantra

Portea Medical, the healthcare startup has acquired home medical equipment provider Health Mantra India for an undisclosed amount in cash and stock. This acquisition will help Protea expand into home healthcare areas such as sleep medicine, respiratory care, geriatric care and orthopaedics.

This is Portea’s third deal in five months. The company had picked up a majority stake in healthcare discovery firm PSTakeCare in January 2016 and acquired specialty drug distributor Medybiz Pharma Pvt Ltd in November 2015.

Bengaluru-based Health Mantra was started in 2009 by Ashish Bhutada and Anoop Kodoli. The startup consists of more than 30 people in its team. It is operational across five states - Karnataka, Kerala, Tamil Nadu, Andhra Pradesh/Telangana and Maharashtra. The company provides home healthcare equipment and services for patients with sleep apnea and respiratory disorders as well as also offers respiratory equipment to hospitals.

In September 2015, Portea had received Series B funding of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast. The company is also exploring other investments to expand its offerings.