Portea Medical, the Bengaluru-based health startup that provides doctors, specialists and nurses on call for home visits, has acquired Health Mantra, another venture that provides home medical equipment services. The press release by Portea, however, did not disclose the financial terms of the cash-plus-stock deal.
The purchase expands Portea’s penetration into large home health care areas such as sleep medicine, respiratory care, geriatric care and orthopaedics, a market estimated at about Rs 10,000 crore — for the equipment used to provide care, including for other ailments such as diabetics and rehabilitation after surgery and various illnesses — the company said in the press release issued on Thursday.
Equipment rental has driven growth as the industry evolves from the earlier sales-only model, according to Portea.
Meena Ganesh, Portea’s chief executive, said, “Health Mantra has built a very solid business over the last few years and we are pleased to have the opportunity to tap into their expertise and customer relationships.”
Health Mantra was started in 2009 in Bengaluru by Ashish Bhutada and Anoop Kodoli. The company’s team of about 30 biomedical engineers, physiotherapists and service staff will join Portea’s 5,000 staffers. Health Mantra has built up a service network across five states – Karnataka, Kerala, Tamil Nadu, Andhra Pradesh/Telangana and Maharashtra.
“There is huge untapped demand in these markets as well as elsewhere in the country and we look forward to continue to serve customers with patient-centric and holistic solutions,” Bhutada was quoted as saying in the press release.
Portea, which has raised $37.5 million from investors, including Accel Partners, previously acquired specialty pharmaceuticals distributor, MedybizPharma in November 2015, and a majority stake in PSTakeCare, a health-tech startup in January this year. Portea is also exploring other investments as the company expands its services to treat non-communicable diseases — including those brought about by poor lifestyle — as well as health problems faced by the elderly.