Healthcare services firm Portea plans to raise up to $40M for expansion

New Delhi-based Portea Medical Pvt Ltd, which provides in-home healthcare services in the country, is looking to raise $30-40 million (Rs 185-250 crore) this year for expansion, according to media reports.

“To carry out further expansion plans and increasing footprint in 50 cities, we are looking forward to raise another $30-40 million in the first half of next fiscal through the private equity (PE) route,” Krishna Ganesh, chairman of the company was quoted saying in The Hindu Business Line.

According to the report, the company is focusing on increasing mobile phone penetration and internet connectivity to expand its footprint across 50 cities in two years.

Portea secured its first round of investment of Rs 48 crore from Accel Partners and Ventureast late last year.

In another development, Ganesh told The Economic Times that he plans to launch two new startups – one in housing and construction and the other in higher education. Both these ventures will use technology to deliver services. These two will take the total number of businesses started by Ganesh to six, making him one of the most prolific serial entrepreneurs in the country.

Krishna and Meena Ganesh, the husband-wife duo who are both alumni of IIM Calcutta, have successfully started and exited four companies. The couple’s first venture, IT&T, was acquired by iGATE while the second initiative, Customer Asset, was bought by FirstSource (erstwhile ICICI OneSource). The third venture, called Marketics, was sold to WNS.

Their fourth and best-known venture TutorVista, which is an education-cum-consumer internet services firm, was acquired by UK-based Pearson Plc for $213 million.

They have also incubated and invested in six companies so far. These include online travel guide, online bookstore, food delivery service, jewellery e-shop, e-grocery firm and online ‘prasad’ delivery service

(Edited by Joby Puthuparampil Johnson)

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