[Funding News] Healthtech Startup Portea Medical Secures $19.87 Mn Through Rights Issue

Portea Medical Funding – Secures $19.87 Mn Through Rights Issue

Portea Medical, a provider of home healthcare solutions, has raised almost $20 million through a rights issue. It is raising cash in the midst of preparing to make an initial public offering (IPO).

According to the company’s regulatory filing with the Registrar of Companies (ROC), the board of Portea received a special resolution to issue 69.2 million Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 per share. Entrackr was the first to report on the development.

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On its website, healthtech startup Portea Medical states that it has served over a million patients and sees 700,000 patients a year. It has also partnered with sixty-three of the top hospitals.

It is important to remember that the healthtech startup Portea Medical submitted an amendment to its DRHP on March 10, 2023, prior to getting SEBI’s approval in April of the same year. After the IPO, it intends to list on the BSE and NSE.

About Portea Medical

Founded in 2013 by Krishnan Ganesh and Meena Ganesh, Portea Medical is a leading home healthcare pioneer and the fastest-growing provider of in-home medical care in India.

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