Sabre, CDC lead $26m Series C for India's Portea
Sabre Partners and CDC Group have co-led a $26 million Series C round for Indian home healthcare business Portea Medical.
Existing investors Accel Partners, Qualcomm Ventures, and International Finance Corporation (IFC) also participated in the funding round. Portea will use the new capital to improve its technology and expand its geographical reach to new areas.
Portea was founded in 2012 as a two-person start-up that worked with hospitals to deliver ongoing care to discharged patients. The following year it was acquired by Indian start-up accelerator GrowthStory and expanded into a home healthcare platform that works with more than 50 hospitals and 15 pharmaceutical and insurance companies in India.
The company operates a mobile app that connects healthcare professionals with patients, telling them where to go, what services to provide and what patient data to capture. Patients also have access to the system. Portea’s services fall under the broad categories of primary care, chronic disease management, elder care and post-operative care. More specific offerings include physiotherapy, doctor consultations, and diabetic care.
Portea raised a $7.6 million Series A round from Accel and Ventureast in 2013, followed by a $37.5 million Series B round in 2015 led by Accel with participation by IFC, Qualcomm and Ventureast.
Sabre has made a number of investments in India’s healthcare sector, and counts healthcare as one of its primary focus sectors. Its commitments include a INR2.9 billion ($43.6 million) anchor investment in the IPO of cancer care services provider HealthCare Global and a $15 million investment in hospital operator Ravindranath GE Medical Associates.
CDC made its investment from MEMG CDC, the $80 million fund launched earlier this year by the development finance institution in partnership with India’s Manipal Education and Medical Group. The vehicle is targeting healthcare investments in emerging markets and made its first commitment, a INR1.3 billion investment in Indian healthcare testing firm iGenetic Diagnostics, in March.
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