Portea Medical to invest $20 mn to enter 32 cities by 2015 end

Home healthcare services provider Portea Medical plans to invest USD 20 million (over Rs 120 crore) to expand its footprint in India across 32 new cities by the end of 2015.
The Bangalore-based firm is at present in 18 cities, including Chennai, Delhi and NCR, Mumbai, Pune, Hyderabad and Kolkata. It is looking to hire 5,000 people during the period.
"We would be investing USD 20 million for expansion in 32 cities by end of 2015. Our aim is to be present in 50 cities in India that have a population of more then 10 lakh," Portea Medical Co-Founder & Chairman K Ganesh told PTI.

Asked how the company plans to raise funds for the expansion, Ganesh sad: "It will be through private equity."
The company at present has 1,000 employees and will add another 5,000 more people to its workforce.
"We would be employing 5,000 more people as we expand by end of 2015. We would also impart training to them so that patients get highest quality of medical care," he added.

About the long term vision for the company, Ganesh said: "We are confident about the growth of home healthcare market. We will be looking to list the company in seven years time."

He didn't share the revenue of the firm stating it's a privately held firm at the moment.
For growth, the company would focus on four key areas -- geriatric care, chronic diseases, post operative care and in- home primary care, he added.
Bangalore based Portea Medical had last week raised an undisclosed amount from Qualcomm Ventures. It had earlier raised USD 8 million from Accel Partners and Ventureast.