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Portea Medical raises $26M in series C funding

Portea Medical has raised series C funding of $26 million led by new investors Sabre Partners and MEMG CDC. Portea’s existing investors Accel, International Finance Corporation (IFC), and Qualcomm Ventures also participated in this round. Avendus Capital provided financial advisory services to the latest funding round in Portea.

Portea is a platform for a range of tech-led healthcare services across four healthcare segments-  primary care, chronic disease management, elder care and post-operative care.  With fresh funding, the health-tech startup is looking forward to strengthen its platform and expand its reach to more customers. The company said in a statement that the funds will used to develop capabilities to reach out to more customers and offer a range of ‘out of hospital care services’. It added that it is will strengthen its home care services, and hence will engage close to 6000 people in next two years’ time and will provide skill upgradation for its personnel.

Founded by Zachary Jones and Karan Aneja in 2012, the company was acquired by husband and wife duo Krishna and Meena Ganesh in July 2013. The company claims that it has served 2.5 lakh customers across 16 cities in India so far.

Previous Fundings

-In September 2015, 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 2015 as well.

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Acquisitions

April 2016: Portea acquired Health Mantra, a company which offers home healthcare equipment and services for sleep apnea and respiratory disorder patients, for an undisclosed cash and stock amount. The acquisition will let Portea strengthen its offerings in sleep medicine, respiratory care, geriatric care and orthopedics.

January 2016: The healthcare startup acquired a majority stake in doctor aggregator platform PSTakeCare in an all cash deal.  The platform lets users search for doctors nearby based on the service/speciality, hospital or doctor name and book an appointment.

November 2015: Portea acquired MedybizPharma for an undisclosed amount in an all cash and stock deal, to establish a specialised pharma arm to deliver care to patients with chronic conditions.

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