Total amount raised
$96.1 Millions
Latest funding date
04/01/2024
Location
Portea Medical has successfully raised significant funding through multiple rounds, with its last funding type being Private Equity. The company is recognized as India's leading provider of in-home medical care, offering a wide range of services including physiotherapy, nursing, and elder care.
Keep reading to explore the intricacies of Portea Medical's fundraising journey and the investors backing this innovative healthcare platform.
What Is Portea Medical?
Portea Medical, founded in 2013, is a prominent player in the healthcare industry, specializing in home health care services. Based in Bangalore, Karnataka, India, the company was established by Ganesh Krishnan, Karan Aneja, Manjusha Anumolu, Meena Ganesh, Vaibhav Tewari, and Zachary Jones.
With a workforce of 1001-5000 employees, Portea Medical operates in over 40 cities across India, including major urban centers like Delhi, Mumbai, and Chennai. The company offers a comprehensive range of services such as physiotherapy, nursing, elder care, and medical equipment rental, aiming to provide accessible and quality healthcare at patients' doorsteps.
How Much Funding Has Portea Medical Raised?
- Series A
- Amount Raised: $9M
- Date: December 2013
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their service offerings and reach more patients.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: July 2014
- Lead Investors: Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and support growth initiatives.
- Series B
- Amount Raised: $37.5M
- Date: September 2015
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new markets.
- Series C
- Amount Raised: $26M
- Date: November 2017
- Lead Investors: Manipal Group, Sabre Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service quality and expand the service network.
- Debt Financing
- Amount Raised: ₹250M
- Date: December 2018
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Growth Story, InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market presence and enhance technological infrastructure.
- Private Equity Round
- Amount Raised: $20M
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for an IPO and expand international market presence.
Total Amount Raised: $92.5M
Current Valuation: Not publicly disclosed
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders to build world-class companies. Founded in 1983, Accel has a long history of investing in early-stage and growth-stage companies.
- Investment Focus Areas: Technology, Internet, Software, Consumer Services, Healthcare
- Notable Investments: Facebook, Dropbox, Slack
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated, focusing on early to late-stage investments in technology companies. Established in 2000, it aims to support innovative startups that align with Qualcomm's strategic interests.
- Investment Focus Areas: Mobile, AI, IoT, Automotive, Healthcare
- Notable Investments: Zoom, Waze, Fitbit
- Manipal Group
- Details: Manipal Group is a diversified business conglomerate based in India, with interests in education, healthcare, and financial services. The group is known for its significant contributions to the healthcare and education sectors.
- Investment Focus Areas: Education, Healthcare, Financial Services
- Notable Investments: Manipal Hospitals, Manipal Academy of Higher Education
- Sabre Partners
- Details: Sabre Partners is a private equity firm that invests in high-growth companies in India. Founded in 2002, the firm focuses on sectors with strong growth potential and sustainable business models.
- Investment Focus Areas: Healthcare, Financial Services, Consumer Goods
- Notable Investments: Fortis Healthcare, Manipal Hospitals
- InnoVen Capital
- Details: InnoVen Capital is Asia's leading venture debt provider, offering debt financing to high-growth, venture-backed startups. Established in 2008, it has offices in India, China, and Southeast Asia.
- Investment Focus Areas: Technology, Consumer, Healthcare, Financial Services
- Notable Investments: Swiggy, Byju's, OYO Rooms
What's Next for Portea Medical?
Portea Medical stands on the brink of significant growth, driven by its recent $20 million rights issue and the upcoming IPO aiming to raise up to Rs 1000 crore. This capital infusion will enable the company to accelerate hiring, expand its presence in new international markets, and enhance its technological capabilities in AI and machine learning.
As the demand for home healthcare services continues to rise, Portea Medical is well-positioned to leverage this trend. The company plans to use the funds to scale its operations, improve service delivery, and increase its market share. However, challenges such as declining revenue, increased losses, and competition in the home healthcare market could pose hurdles along the way.
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