Portea Medical receives Rs 169 crore approx in Series C funding
Bengaluru: Consumer healthcare brand Portea Medical on Tuesday announced Series C funding of USD 26 million (about Rs 169 crore) led by new investors Sabre Partners and MEMG CDC.
Portea's existing investors Accel, International Finance Corporation (IFC), a member of the World Bank Group and Qualcomm Ventures also participated in this round.
"We look forward to further refining the paradigm for consumer-centric healthcare in India with the continued support of our customers, investors, and healthcare industry partners," said MD and CEO Portea Medical, Meena Ganesh.
"With this funding round, we will add more depth to our services and consolidate our position as a trusted port-of-call for every healthcare need that an individual and his/her family members may have outside of hospital care," added Ganesh.
Portea operates across four major segments; primary care, chronic disease management, elder care, and post-operative care.
Services offered by them include physiotherapy, doctor consultations, new mother-and-baby care, specialty pharmacy, nutritional wellness, diabetic care, surgery discovery and teleconsultation.
The company, however, works with more than 50 leading hospital partners, 15 pharma majors, and leading insurance companies in India.
"The company has played a key role in establishing the concept of consumer-led healthcare and we look forward to working with them as they continue to transform healthcare services in India beyond the hospital space. We focus a lot on the quality of management teams, the industry and the execution strategy of the team. The Portea team is top decile in all of these," said founder and managing partner, Sabre Partners, Rajiv Maliwal.
"Our investment in Portea will help the company scale and embed technology to improve efficiency and effectiveness in its delivery. We're providing patient, long-term capital to Portea for it to develop capabilities to reach out to many more customers and offer a comprehensive range of out of hospital care services," said MD, MEMG CDC Ventures Limited, Harinarayan Sharma.