Portea Medical, a Bengaluru-based home healthcare company, is looking to raise funds during the current fiscal for expanding its services even as it expects operational breakeven in 2018, said Meena Ganesh, its managing director and chief executive officer.
She also said the company is also looking to acquire startups and well placed companies in some of the niche areas such as diagnostics and mental wellness to expand the portfolio.
“In 2017, we may consider raising another round of fund. So far we have raised $ 50 million. The funds will be used for acquisitions and expansion for both inorganic and organic growth,” Ganesh told reports on the sidelines of BioAsia-2017.
“Many of the cities where we are present are breaking even at operations level. So we are very pleased with how we are progressing. Over all company level we expect in 2018 we will breakeven. I would say top five cities are breaking even,” added Ganesh.
She said as of now five of the 16 cities where the company is operating have achieved operational breakeven and any new city would typically take two to three years for making profits.
Portea focuses on general primary health care, post-hospitalisation care, chronic disease management and allied services and offers home visits from doctors, nurses, nursing attendants and physiotherapists.
Portea has so far raised $ 50 million and used it for expansion and acquisitions.
“We acquired three companies in 2016. And any further acquisition we will be looking at new capabilities that we do not have and the customers want. That's what we are looking. There are areas such as diagnostics, mental wellness physical wellness and e-consulting. Those are the areas we are looking at (for acquisitions),” she further said.
When asked about the expansion of footprints, Ganesh said the main focus as of now is to strengthen the Indian market though she sees potential in some of the South Asian markets.
“Right now we are looking at primarily in India. And may be in future Southeast Asia is the next big growth area we see. Not in 2017. But in the coming years,” she added.
According to Ganesh, Portea sees about 120000 visits a month and considers “Elder Care” is one of the areas where it is optimistic about big growth in future.