Portea Medical to raise Rs 160 crore from Sabre Capital, Accel
Mumbai: Portea Medical a well known Home healthcare service provider is in advanced talks with private equity firm Sabre Capital and its existing investor Accel Partners to raise Rs 160 crore.
Portea Medical had raised $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast in 2015 two years back. It was valued at Rs 628 crores post its Series B funding in 2015, as per documents accessed from Tofler.
Founded in 2013, Portea Medical offers a range of in-home healthcare services including physiotherapy, nursing, attendant/home health aide, doctor consultations amongst others.
It 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.
Portea also provides the collection of lab samples and medical equipment on hire and thereby brings the entire gamut of healthcare services to doorstep of a patient. It has about 4,500 employees. who are handling over 1,20,000 visits per month across 16 cities .
“Portea is in talks with three investors to raise $25 million. I can’t elaborate further at this point,” confirmed CEO Meena Ganesh, declining to share specific details. Ganesh declined to comment on the valuation details for the current round.
Economic Times reports that a large part of the capital raised by Portea, in 2015 was used to fuel its acquisitions of specialty drug distributor Medybiz Pharma, medical equipment provider Health Mantra and a majority stake in healthcare discovery firm PSTakeCare.
“Portea has registered 100% year on year growth (in FY17) on the back of the three acquisitions we closed out towards FY16-end. Each of these has made substantial contribution to the top-line, especially on the specialist pharmacy distribution and medical equipment side,” said Ganesh. The firm clocked Rs 42.45 crore in revenues in FY16 as per financial documents filed with the RoC and accessed from Tofler.
The company is earning Rs 6-7 crore in revenues per month with most of it coming from geriatric, post-operative care and chronic disease management. Portea Medical shall be using some of the capital to sharpen and upgrade its technology platform.