Qualcomm Invests in India Home Health Company
A global venture investment group of a wireless technology company is investing an undisclosed amount in India’s growing provider of home health care.
Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, has made an investment in India’s Portea Medical. Portea Medical has an 18-city network, and CEO and Co-Founder Meena Ganesh has said in past reports that the New Delhi-based provider is looking to raise $30 to $40 million this year to expand its network in 50 Indian cities over the next two years.
In December 2013, Portea announced $8 million in Series A funding from Accel Partners and Ventureast.
“Technology is the pivot on which Portea’s care-offering is built,” says Ganesh in a news release announcing the new investment. “I am confident [Qualcomm’s] technical expertise and guidance will help Portea become the focal point for technology-led solutions to tackle two of India’s biggest challenges – chronic disease management and support for the growing population of elderly in the country.”
Portea offers geriatric care, postoperative care, palliative care and physiotherapy, and the company works in partnership with insurance companies, major hospitals and the medical community.
After China, India has the second largest geriatric population in the world. According to an UNFPA (United Nations Population Fund) report, the number of those over the ages of 60 in India will increase from 100 million in 2011 to 300 million by 2050, which will mean one in five Indians will be above the age of 60. Of the 300 million over 60, 200 million are likely to be suffering from chronic ailments.
Non-communicable diseases, including cardio-vascular diseases (CVDs), diabetes, chronic obstructive pulmonary disease (COPD) and cancer cause one in two deaths in India.
“India’s already strained healthcare infrastructure requires transformational strategies,” says Karthee Madasamy, vice president of Qualcomm Ventures India. “Wireless technologies are revolutionizing healthcare, and with our investment in Portea, we aim to create a technology based platform to address India’s healthcare challenges.”
Written by Cassandra Dowell