International Finance Corporation (IFC), the private sector investment arm of the World Bank, may invest up to $7 million (Rs 45 crore) in Health Vistas India Pvt Ltd, the company that runs in-home healthcare services startup Portea. This would be part of a larger $37 million funding plan of the company.
IFC said it will pick a minority stake in the healthcare company and new and existing investors will bring in the remaining $30 million.
Bangalore-headquartered Portea provides its services with its clinical staff visiting patients at their homes across 22 cities in India and two cities in Malaysia. The additional capital will be used to grow Portea’s footprint in further in India and Southeast Asia.
Last week, VCCircle had first reported that the company is looking to raise up to $80 million to foray into the international market and expand its reach further in India, of which the first tranche would be raised soon.
Founded by Zachary Jones and Karan Aneja, Portea was acquired by serial entrepreneurs and strategic investors Krishnan Ganesh and his wife Meena, as part of their plans to foray into the primary healthcare services space.
In 2013, Portea raised Rs 48 crore in its first round of funding from Accel Partners and VenturEast and later from Qualcomm Ventures in 2014.
It competes with the likes of Medwell. Early this month, Bangalore-based Medwell Ventures Pvt Ltd raised $10 million (Rs 64 crore) in its Series A round from Fidelity Growth Partners India and Fidelity Biosciences.
IFC has been actively investing in Indian companies. This is the fourth commitment including two in healthcare space by IFC this month.
Last week, it said it may invest up to $12.1 million in Mohali-based Ivy Health and Life Sciences Pvt Ltd, a multi-specialty hospital cum cancer research chain.
IFC also announced it may lend up to Rs 200 crore ($31.3 million) to Andhra Pradesh-based BMM Cements Ltd (BCL) and $35 million in sector-focused NBFC PTC India Financial Services Ltd (PFS) through non-convertible debentures (NCDs).