Portea Medical, an in-home healthcare and other medical services company, has acquired MedybizPharma for an undisclosed amount in a cash and stock deal, reports NextBigWhat. According to the company, this acquisition will help it establish a specialised pharma arm to deliver care to patients with chronic conditions.
MedybizPharma provides chronic disease management support which includes therapy compliance support and prescription refills. The platform also has a last mile tracking designed for the storage needs of specialty medicines. On the other hand, Portea offers services like physiotherapy, nursing, attendant or home health aide, doctor visits and lab tests. This acquisition makes sense for Portea as it can use MedybizPharma’s to expand its services without having to do the entire groundwork.
Portea funding: In September, Portea raised $37.5 million in a Series B round of funding led by existing and new investors. At the time the company mentioned it would use the funds for expanding to other cities in India, hiring, technology and to expand further in Malaysia. Prior to this, it had raised Rs 48 crore ($8 million) in 2013 and from Qualcomm Ventures, which made the strategic investment in July last year.
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. As of now, the platform operates in 25 cities in India including Bangalore, Chennai, Delhi, Mumbai, Pune, Goa etc., as well as four cities in Malaysia. It 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:
– Last month, doctor discovery platform Practo expanded to Malaysia. In September, it acquired Insta Health Solutions for $12 million. Note that Practo had raised $30 million in funding in February this year and also acquired the product dev firm Genii in July.
– In August, former iGate CEO Phaneesh Murthy launched his new health exchange startup, Zigy.com.
– Doctor search & appointment booking platform Qikwell had raised Rs 18 crore in Series A funding from SAIF Partners in November last year.
– 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.