Healthcare services startup Portea raises $37.5 mn in Series B funding
Portea had previously received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013
Bengaluru - Home healthcare services provider 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, Portea said in a release.
It said Portea would use the latest investment to push the company's expansion in India, where it currently operates across 24 cities and handles 60,000 visits in a month to patients' homes.
It will also utilise the funding to grow in other markets elsewhere in the region, including Malaysia, where it already provides services in four cities, it added.
Portea said it has more than 3,000 staffers and plans to recruit an additional 5,000 over the next 18 months in line with the company's growth plans.
Arun Mathew from Accel, the investment firm which led investment in other Indian startups like Flipkart, BookMyShow, FreshDesk and others, joins Portea's Board of Directors, it said.
Portea had previously received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013.
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In comparison, 27 SMEs raised Rs 182 crore in the first half of the preceding financial year, 2015-16
The fund will be raised through the issue of securities to Etihad, according to a postal ballot notice sent to its shareholders
Given the company's balance sheet it would take a brave lender to bail out the company by extending an unsecured loan.