Portea Medical, a home healthcare startup, is currently said to be in advanced talks to secure Rs 160 crore ($25 million) in its Series C round of funding.
As per the sources aware of the matter, Sabre Capital, an India-focused mid-market private equity firm is leading the round. Accel Partners is also participating in the said funding round.
Commenting on the development, Meena Ganesh, CEO, Portea Medical told Economic Times, “Portea is in talks with three investors to raise $25 million. I can’t elaborate further at this point.”
However, sources says that this funding round is going to be a down-round. Portea is reportedly raising the capital at a valuation lower than that during the previous investment round.
Founded in 2013, Portea Medical focuses on general primary health care, post-hospitalization care, chronic disease management and allied services. The company offers home visits from doctors, nurses, nursing attendants and physiotherapists.
In addition, Portea also provides the collection of lab samples and medical equipment on hire, bringing the entire gamut of healthcare services to a patient’s doorstep. The company claims that it is handling over 1,20,000 visits per month across 16 cities and has about 4,500 employees.
The company had secured an investment of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast, in 2015. This valued the company at Rs 628 crore. Prior to this, Portea had received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.
In April 2016, Portea Medical had acquired home medical equipment provider Health Mantra India for an undisclosed amount in cash and stock. In January 2016, it picked up a majority stake in healthtech startup PSTakeCare, whose platform seamlessly connects key stakeholders in the healthcare delivery ecosystem.