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Portea Medical secures $37.5M from IFC and existing investors


In-home healthcare and other medical services company Portea Medical has raised $37.5 million in a Series B round of funding led by existing investor Accel Partners, Ventureast and Qualcomm Ventures, and new investor International Finance Corporation (IFC), reports YourStory. The platform will use the funds for expanding to other cities in India, hiring, technology and to expand further in Malaysia.

Prior to this, Portea had raised Rs 48 crore ($8 million) from Accel Partners and Ventureast in return for 30% stake (at that time) in 2013. Subsequently, the company raised funds from Qualcomm Ventures, which made the strategic investment in July last year. As of now, the platform operates in 25 cities in India including Bangalore, Chennai, Delhi, Mumbai, Pune, Goa etc., as well as in four cities in Malaysia.

Founded by Zachary Jones and Karan Aneja in 2012, Portea Medical was acquired by husband and wife duo Krishna and Meena Ganesh in July 2013, and currently provides its own healthcare services like physiotherapy, nursing, attendant or home health aide, doctor visits, lab tests and others. Users can directly book an appointment for a doctor and others from the website, or call Portea to book it for them. As of now, the platform claims to process 2,000 visits to patient homes, although it does not mention how many of these actually use the service.

Developments in online healthcare:

– Earlier this month, doctor discovery platform Practo acquired Insta Health Solutions for $12 million. Post acquisition, Insta Health would operate as a separate division led by Ramesh Emani, founder and CEO of Insta Health. Note that Practo had raised $30 million in funding in February this year and also acquired the product dev firm Genii in July.

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– In August, former iGate CEO Phaneesh Murthy launched his new health exchange startup, Zigy.com. It was reported in April that such an initiative was in the works, and was expected to go live within a year. The company had said then that it would also launch fulfillment centres across the country for faster delivery.

– In July, 1mg launched a doctor search and appointment booking app called Doctors by 1mg. The platform allows users to  search for doctors based on their area of specialization such as general practitioners, gynecologists, cardiologists and dentists among others. The app also lists alternative medicine (like homeopathy and Ayurveda) practitioners.

– The same month, doctor directory and clinic management system Lybrate raised $10.2M from Tiger Global, Ratan Tata and Nexus Venture. Previously, the company had secured $1.225 million investment in August last year. In September last year, the company also launched dedicated Android apps for doctors and patients.

– Doctor search & appointment booking platform Qikwell had raised Rs 18 crore in Series A funding from SAIF Partners in November last year. Earlier, the platform had secured Rs 1.2 crore in angel fundingfrom a group of investors, including Amit Somani, Sunil Kalra and Alok Mittal.

– Last year, directory services company Justdial revealed that it developed a new vendor application targeted at doctors that would allow doctors to schedule appointments with their patients as well as save patient records on the cloud. JustDial rolled out doctor appointments on its site last year as part of its transition to a services-focused transaction platform.

– In September last year, healthcare services company DocSuggest had expanded beyond doctor appointment service to a health and personal care search and appointments service called Ziffi. Post this rebranding, the company has also raised Rs 15 crore Series A investment from the recently formed Orios Venture Partners. DocSuggest had also raised an undisclosed amount from Google India MD Rajan Anandan and other existing investors in April 2013.

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– Delhi-based healthcare venture HelpingDoc had raised Rs 10 crore funding from Singapore-based Senior Marketing Systems (SMS). The company had said then, it would aim to enroll over 20,000 doctors in the next two years.

– Healthcare startup eVaidya had raised Rs 3.5 crore from existing investors in February last year. eVaidya also offers some kind of management system for doctors which stores patient health records and offers remote consultation.

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