Indian home healthcare platform Portea Medical raises $26M Series C
Portea Medical, one of India’s biggest platforms for home healthcare visits, has raised $26 million in Series C funding to expand its service range. The round was led by Sabre Partners and MEMG CDC, with participation from returning investors Accel (which led Portea’s Series B two years ago), the World Bank Group’s International Finance Corporation and Qualcomm Ventures.
Portea has now raised a total of about $72.5 million. In a press statement, Sabre Partners founder and managing partner Rajiv Maliwal said Portea Medical “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.”
The demand for home healthcare is growing quickly in India, thanks to factors like an aging population and social changes that means fewer working-age adults are able to serve as full-time caretakers for elderly relatives. Some of Portea Medical’s main competitors include Nightingales Home Health Services, Healthcare At Home and Care24.
One of Portea’s specialities is an eldercare plan that is billed annually, since assisted living communities are a relatively new concept in India. Since its launch, it’s expanded its core offerings into three other segments: primary care, chronic disease management and post-operative care.
Portea partners with healthcare providers, including 50 hospitals, to enable home visits for patients who might have trouble traveling for checkups, like the elderly or physically disabled, or just want to avoid overcrowded hospitals. Its other products include lab tests where samples are taken at home and picked up by one of Portea’s couriers and B2B services for companies that want to provide employees with on-site vaccination programs or health screenings. Portea claims that it has served 250,000 customers in 16 cities so far.