South Asia's home healthcare pioneer Portea Medical has announced raising $37.5 million (Rs. 247 crore) from venture funds to expand its reach across 24 cities in India and in other markets in the region.
The company said, "The latest investment will be used to fuel our expansion from 24 cities across India and in other markets in the region, including Malaysia where we are providing healthcare services at home in four cities."
Portea Medical raised $9 million in the first round of funding from Accel, Qualcomm Ventures and Ventureast in December 2013. Portea chief executive Meena Ganesh said, "The fresh investment from marquee investors reflects our prospects of building a leading consumer healthcare brand in the region."
The company plans to hire an additional 5,000 employees over the next 18 months, and take its headcount to 8,000 by 2016 in line with its growth plans across the region. Portea's medical staff, including doctors and nurses visit about 60,000 patients every month in 24 cities across the country.
Ganesh said, "Over the last 18 months, we served thousands of patients and helped their families deal with healthcare challenges by making primary care accessible and affordable."
IFC's venture capital head in South Asia Pravan Malhotra said, "Portea's model of providing affordable and quality care for patients in their homes ensures that hospital infrastructure and beds can be utilized for critical cases and procedures." Besides offering attendants and physiotherapists, the company also provides laboratory samples and medical equipment on hire, bringing healthcare services to a patient's doorstep.
Accel India head Arnu Mathew said, "As there is a huge need to offer an in-home healthcare option in India and other emerging markets, Portea's service improves outcomes by combining trained physicians and nurses with technology."
The company already has over 40 hospitals as partners and has a network of referring physicians across the country.