Portea FY17 revenue up by 57%, losses narrow

Health Vista India Pvt. Ltd, which runs home healthcare services provider Portea Medical, has registered 57% growth in revenue and significantly narrowed its losses for the financial year 2016-17, against the previous year.

The company’s revenue grew from Rs 42.45 crore in 2015-16 to Rs 66.77 crore in 2016-17, while it reduced its losses by a fourth from Rs 123 crore to Rs 92.35 crore during the same period, show filings with the Registrar of Companies.

Expenses also narrowed by 4.54% to Rs 152.51 crore from Rs 159.77 crore in 2015-16. Incorporated in 2012, Portea was founded by Zachary Jones and Karan Aneja. It was acquired by serial entrepreneur couple Meena Ganesh and K Ganesh in 2013. It operates across four major segments—primary care, chronic disease management, elder care and post-operative care.

Last month, Portea raised $26 million (Rs 168 crore) in a Series C round led by new investors Sabre Partners and MEMG CDC.

In August, VCCircle had reported that mid-market private equity firm Sabre Partners was likely to lead a down round in the firm. Portea has so far raised around $72 million in three rounds.

Portea plans to engage close to 6,000 people in two years and will upgrade the skills of its personnel.

India’s home healthcare industry was worth $2 billion in 2014 and has been growing at 20% annually, according to accounting firm PricewaterhouseCoopers. The sector has attracted investors as other players too have raised significant amount of venture capital.

Health Care At Home India, a joint venture between the promoters of consumer goods major Dabur India Ltd and the founders of UK-based Health Care At Home, recently received a $40 million commitment from healthcare-focussed private equity firm Quadria Capital Advisors Pvt Ltd.

Another funded player is Bangalore-based Medwell Ventures, which in April raised $21 million in a Series B funding round from multiple investors led by Mahindra Partners, the private equity arm of the Mahindra Group.

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