India home healthcare provider gets $37.5m
Accel Partners has led a $37.5 million Series B round for home healthcare start-up Portea Medical, with participation from the International Finance Corporation (IFC), Qualcomm Ventures, and Ventureast.
Portea will use the new funding to expand its business in the 14 states where it is currently active, along with increasing its presence in Southeast Asia, according to a statement. Arun Mathew of Accel will join the board of directors.
Portea claims to be India's leading home healthcare provider. It aims to reduce burdens on local healthcare infrastructure while improving patient health outcomes by arranging home visits by nurses, doctors and other healthcare professionals.
Care providers can coordinate their schedules and patients through Portea's mobile app, which is intended to enforce standard operating procedures and provide secure storage of patient records.
The company also seeks to provide employment opportunities in the healthcare sector. It currently employs 3,000 people, and plans to hire another 5,000 in the next 18 months.
Services provided by Portea include maternity, neo-natal, and oncology care. However, its primary consumers are the elderly. India's ageing population has led to a shortfall in geriatric services provided at traditional healthcare outlets such as hospitals and nursing homes.
Several of the participants in this round are returning investors. Accel and Ventureast provided INR480 million ($7.6 million) in Series A funding in 2013, and Qualcomm committed an undisclosed amount in 2014.
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