Portea raises venture debt of Rs 25 Cr led by Alteria CapitalSindhu Kashyaap
Portea, the Bengaluru-based home healthcare startup, has raised Rs 25 crore venture debt led by Alteria Capital. Last year, in November, the health-tech platform had raised equity funding of $26 million.
In a statement, Meena Ganesh, Co-founder and CEO, said,
“The team at Alteria Capital are quick to understand the needs of the business and are long term partners. Venture Debt is a great alternate source of capital for high growth businesses like Portea and we are excited to partner with Alteria."
Alteria Capital is an Rs. 800 crore fund with a greenshoe of Rs. 200 crore. It recently announced its second close with Rs 625 crore of commitments.
Vinod Murali, Co-founder and Managing Partner, Alteria Capital, said,
“Meena is an experienced, serial entrepreneur and has led the team at Portea well over the last few years. Providing affordable, convenient healthcare services at home is a massive value proposition which is relevant for not just the Indian market but other emerging markets as well.”
Portea claims that Bengaluru is its largest market, where it conducts over 50,000 monthly visits, including elder care. Further, it registered a month-on-month growth of 15 percent in the number of home visits since 2013. Meena said that they have built a tightly integrated platform for a wide range of tech-led healthcare services. She added that they have served more than 2.5 lakh customers in 16 cities in the country.
Portea offers services ranging from physiotherapy, doctor consultations, new-mother-and-baby care to diabetic care, across four segments - primary care, chronic disease management, elder care and post-operative care.
The company claims to be working with more than 50 leading hospital partners, 15 pharma majors and leading insurance companies in India.
Alteria provides venture debt with a cheque size ranging Rs 2 crore - Rs 100 crore. The company's current portfolio includes Fingerlix, Toppr Technologies, Raw Pressery, Vogo Bikes, Dunzo, Vinculum, Mfine, Loadshare and Universal Sportsbiz.
A number of healthcare providers and hospitals across the country such as India Home Healthcare, Health Care at Home, Nightingales, Apollo, and Max are entering the home healthcare sector. Portea claims to have clocked two million patient visits across the country since its inception and served over 1,20,000 patient visits (an increase of 133 percent from 46,330 total patients over the last 12 months).