Portea Medical receives $37.5 million Series B Funding led by Accel

IFC, Qualcomm Ventures and Ventureast also co-invest in this round

Portea Medical has received $37.5 million in Series B funding led by Accel. International Finance Corporation (IFC), a member of the World Bank Group, Qualcomm Ventures and Ventureast also participated in this round.

Reportedly, Portea will use the latest investment to fuel the company’s expansion in India where it currently operates across 24 cities. It will also utilise the funding to grow in other markets elsewhere in the region including Malaysia. Portea also plans to recruit an additional 5,000 employees over the next 18 months.

“This investment from marquee investors recognises the rapid strides Portea has made as well as points to our prospects as we build the company into India’s leading consumer healthcare brand in the coming years,” said Meena Ganesh, MD and CEO, Portea.

Arun Mathew from Accel has joined Portea’s Board of Directors. “Portea’s service actually improves health outcomes for patients because it combines highly trained physicians/ nurses and technology, making the healthcare process more efficient and accessible,” said Mathew.

Pravan Malhotra, IFC’s venture capital lead for South and Southeast Asia, said, “ Our investment in the company will also help them create jobs and a skilled workforce, thus creating opportunity in tier II and tier III cities in India. This is our third venture capital healthcare investment in India and part of IFC’s strategic approach to improve access to quality health services in Asia.”

Portea had previously received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.

EH News Bureau