Health Vista India Pvt. Ltd, which provides home healthcare services under the Portea Medical brand, is in advanced talks to raise $25 million (Rs 160 crore) in a Series C round from three potential investors, a top executive said.
Meena Ganesh, managing director and CEO at Portea, told VCCircle the company plans to use the funds to be raised for investing in technology and spreading its offerings in newer areas.
She declined to specify any timeline for raising the funds and the identity of the potential investors.
Earlier in the day, The Economic Times reported that India-focussed mid-market private equity firm Sabre Capital would be the lead investor in the round. Existing investor Accel Partners would also invest, the report said, citing sources it didn’t name.
Portea had last raised $37.5 million in 2015 in a Series B round of funding led by Accel Partners, with participation from International Finance Corporation, Qualcomm Ventures and VenturEast.
In 2013, Portea raised $9 million in its Series A round from Accel, Qualcomm Ventures and VenturEast.
Portea was founded by Zachary Jones and Karan Aneja in 2012 and was acquired by serial entrepreneur couple Meena Ganesh and K Ganesh the following year.
The company provides in-home healthcare services such as doctor consultation, postnatal care, physiotherapy, geriatric care, nursing, medical equipment, vaccination and lab tests.
India’s home healthcare industry was worth $2 billion in 2014 and has been growing at 20% annually, according to accounting firm PricewaterhouseCoopers. The booming sector has caught the attention of entrepreneurs and investors alike.
Other significantly funded players in the segment include Health Care At Home India, which is a joint venture between the promoters of consumer goods major Dabur India Ltd, and the founders of UK-based Health Care At Home.
Recently, the company 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 led by Mahindra Partners, the private equity arm of Mahindra Group.