AAA Portea carries $26m in series C round

Portea carries $26m in series C round

Qualcomm Ventures, the corporate venturing division of mobile chipmaker Qualcomm, has participated in a $26m series C round for India-based home heatlthcare service Portea Medical, Inc42 reported yesterday.

The round was co-led by private equity firm Sabre Partners and MEMG CDC Ventures, an $80m fund set up by healthcare group Manipal Education and Medical Group with UK development finance institution CDC Group.

International Finance Corporation (IFC), the private sector-focused investment arm of multilateral financial institution World Bank, also participated, as did venture capital firm Accel.

Founded in 2012, Portea offers in-home medical care services in India and Malaysia, working in partnership with more than 50 hospitals, 15 pharmaceutical firms and a range of insurance providers.

The company’s services include primary healthcare, post-hospitalisation care, chronic disease management, physiotherapy, lab sample collection and new mother and babycare. It also leases medical equipment and entered the wellness sector in September 2016.

Portea will now seek to strengthen its market position and intends to invest the series C capital in developing additional products and growing its headcount to 6,000 over the next two years.

The round follows a $37.5m series B round in 2015 led by Accel that included Qualcomm Ventures, Ventureast and IFC. Portea had closed a $9m series A round featuring Accel, Ventureast and $1m from Qualcomm Ventures in 2014.

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