Portea Medical gets $37.5 m Series B fund

Portea Medical gets $37.5 m Series B fund

Portea Medical gets $37.5 m Series B fund

 Home healthcare firm Portea Medical on Sunday announced that it has received $37.5 million in Series B funding led by Accel, while International Finance Corporation (IFC), Qualcomm Ventures, and Ventureast also participated in this round.

Portea had previously received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.

Portea will use the latest investment towards its expansion in India, where it currently operates across 24 cities and handles 60,000 visits in a month to patients’ homes. It also aims to grow in other markets, including Malaysia, where it already provides services in four cities.

“This investment from marquee investors recognises the rapid strides Portea has made, as well as points to our prospects as we build the company into India’s leading consumer healthcare brand in the coming years,” Portea MD and CEO Meena Ganesh said.

Portea has more than 3,000 staff, and plans to recruit an additional 5,000 employees over the next 18 months. The company works with over 40 hospitals, several insurance companies and a network of referring physicians all over India.

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