Portea Medical, India's home healthcare pioneer today announced that it has received a combined Rs. 48 crore in Series A funding from venture capital firms, Accel Partners and Ventureast.
Portea will use the funding to fuel its growth in 2014 and beyond as it looks to grow both organically and via acquisitions, to a further six Indian cities in addition to the four (New Delhi, Mumbai, Bangalore and Chennai) in which the company's high-quality, home healthcare services are already available.
"We are delighted to have Accel Partners and Ventureast as our partners. The quantum of funding is the largest ever Series A VC investment in a home healthcare company in India; we believe this development is a striking endorsement of Portea's leadership and growth prospects in the rapidly expanding home healthcare sector in the country," said Meena Ganesh, Co-founder and CEO at Portea.
"The funds will help us strengthen our offering even as we accelerate our expansion across India in the coming months, and invest in advanced diagnostic and remote monitoring technology to support our clinicians as they deliver a range of in-home healthcare services," she said.
Following the development, Mahendran Balachandran from Accel Partners and Venkatadri Bobba from Ventureast will join the Portea Medical Board of Directors.
Portea clinicians currently handle around 2000 home visits a month providing geriatric and palliative care for chronic patients. The company is working with leading hospitals and insurance companies to build understanding and establish the concept of in-home healthcare in the country, which is an already tried and tested model in developed countries including the US and the UK.
The home healthcare market in India, currently estimated as a $2-4 billion a year opportunity, is driven by the increasing prevalence of chronic diseases, an aging population, and the need for better quality post-operative and primary care. Today, chronic issues account for the majority of deaths in India (53%) and there is a sizable elderly population that is in need of routine home healthcare visits; by 2025, one in every five Indians will be a senior citizen.
Meena and her husband, K Ganesh, have established Portea along with Dr. Manjusha Anumolu, a MD (US Board Certified) in Internal Medicine with 20 years of practice in US and India. Meena and Ganesh's foray into India's healthcare sector follows a string of previous successes. Portea is Ganesh's fifth venture, preceded by four successful green field ventures and exits – the most recent, TutorVista, which was sold to Pearson for $ 213 MM (around INR 1329 crore at current exchange rates).
Portea works with hospitals, insurance companies and individuals to improve health outcomes by providing a continuity of care in the home setting from doctors, nurses, physiotherapists, nutritionists, counselors, and home health aides. The company has five tier-1 corporate hospitals as partners, a network of hundreds of referring physicians all over India and handles around 2000 home visits a month.
Portea Medical is India's home healthcare pioneer. The company has delivery centers in Delhi/NCR, Bangalore, Chennai and Mumbai and has pioneered the US Home Healthcare model in India offering home visits from high-quality MBBS-level doctors, nurses, physiotherapists, nutritionists, counselors, and trained attendants. The company focuses on geriatric, chronic and post-operative care patients using latest technology and tools make healthcare delivery convenient and affordable.
Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including 99designs, Angry Birds (Rovio), Bonobos, Diapers.com , Dropbox, Facebook, GlamMedia, Groupon, Infinera, Kayak, Macromedia, Polycom/PictureTel, Playfish, Portal Software, Real Networks,Spotify, Walmart.com. In India, Accel has made investments in companies such as Bluestone, Flipkart, FreshDesk, Forus Health, HealthcareMagic, Kirusa, Mitra Biotech, MuSigma, Myntra, Perfint, PropTiger and TaxiForSure.com.
Ventureast is one of India's longest-standing venture capital institution. Investing in pioneering sectors since the mid-90s, Ventureast has enabled over 80 seed, early and growth stage businesses in a broad array of sectors including technology, life sciences and clean environment.
The Ventureast credo simply put is, "We Differentiate, You Win". Backing this is a team and network with deep expertise in domains ranging from semi-conductors to drug discovery, from infrastructure to consumer goods, from clean tech to mobility, thus bringing together the widest capability in the country.
The Ventureast family of funds - Ventureast Proactive Fund, Ventureast Life Fund and Ventureast Tenet Fund feature a wide investor base consisting of institutional investors from across the world. The Ventureast portfolio features market-leading companies like India's largest parking management company, India's largest ethnic fast food chain, India's first and unique low-cost ATM, and India's largest organic foods company.
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Meena Ganesh, Founder & CEO, Portea Medical