Accel Partners, Ventureast jointly acquire 30% stake in Indian in-home health company
American venture capital firm Accel Partners and its local counterpart Ventureast jointly acquired a large minority stake in Portea Medical Group, Times of India reported.
Portea Medical is a tech-enabled and in-home healthcare services company operating in the National Capital Region and Bangalore. Its is majority-owned by serial entrepreneur duo Krishnan Ganesh and Meena Ganesh, the report said.
According to Times of India, Accel and Ventureast will hold over 30% stake after equally investing INR48 crore (USD8 million) in Portea Medical.
This early-stage investment indicated a growing interest in India's nascent in-home healthcare market, the report said. The sector has recently attracted the Burman family of medicine manufacturing company Dabur and US major Bayada Home Health Care, the report said.
Last week, the Burmans announced their foray into the sector through a joint venture with UK-based Healthcare at Home. Meanwhile, Bayada acquired a 26% stake in Chennai-based India Home Health Care, Times of India said.