India’s Portea Medical raises $37.5M Series B to expand its home healthcare service

Portea Medical

India-based Portea Medical has raised $37.5 million in Series B funding led by Accel. Also participating in the round were International Finance Corporation (IFC), a member of the World Bank Group; Qualcomm Ventures and Ventureast. As part of the deal, Accel’s Arun Mathew is joining Portea’s Board of Directors.

The company will use the fresh capital to fuel its expansion in India where it currently operates across 24 cities and handles 60,000 visits a month to patients’ homes. It will also be expanding to other markets in the region including Malaysia where it already provides services in four cities.

“This investment from marquee investors recognizes the rapid strides Portea has made as well as points to our prospects as we build the company into India’s leading consumer healthcare brand in the coming years,” said Meena Ganesh, MD & CEO of Portea.

Portea has a staff of more than 3,000 people with plans to recruit an additional 5,000 employees over the next 18 months.Portea focuses on general primary health care, post-hospitalization care, chronic disease management and allied services such as diagnostics and medical equipment on hire, to bring the entire gamut of healthcare services to a patient’s doorstep. The company works with hospitals, insurance companies and individuals to provide a continuity of care in the home setting through doctors, nurses, physiotherapists and nursing attendants employed by Portea. The company has more than 40 hospitals as partners, and a network of referring physicians all over India. It has a staff of more than 3,000 people with plans to recruit an additional 5,000 employees over the next 18 months.

Portea had previously received $9 million Series A from Accel, Qualcomm Ventures and Ventureast in December 2013.