India Home Health Company Eyes $40 Million, 50 City Expansion
A New Delhi-based home health care provider is looking to raise $30 to $40 million this year to expand its network in 50 Indian cities over the next two years.
Portea Medical Pvt Ltd, says the company is focusing on increasing mobile phone penetration and internet connectivity to help expand its footprint, in a news release.
“We are by far the largest and fastest growing home healthcare provider in the Indian market today,” Meena Ganesh, CEO and co-founder of Portea Medical tells The Economic Times. “Our target is to be in 50 Indian cities which have a population of above 1 million in the next 24 months.”
So far the provider has raised $8 million in series A funding from Accel Partners and Ventureast, The Economic Times reports.
“We are aiming to raise our series B funding of $30 to 40 million in the next 12 months and are looking at all options, including the PE route for these funds,” Ganesh tells The Economic Times.
Started last year, the company has already expanded to 18 cities using their proprietary technology platform, The Economic Times reports.
Their Kolkata chapter started recently while they are already present in other cities like Hyderabad, Pune, Chennai and Bangalore, among others, according to their website.
The company CEO tells The Economic Times that Bangalore and the Delhi/NCR region followed by the other metros account for the bulk of their patient base.
Portea Medical handles about 18,000 patient visits every month, and has 1,000 employees which include doctors, physiotherapists and nurses, The Economic Times reports.
The home health care market is between $2 and $4 billion in India, and in the next 10 years the size of the industry could grow to over $15 billion in India, the provider tells The Economic Times.
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Written by Cassandra Dowell