ET BureauBENGALURU: Portea Medical, the healthcare company, has acquired home medical equipment service provider Health Mantra India. The acquisition was made for an undisclosed consideration of cash and stock.
This acquisition comes right after Portea picked up a majority stake in PSTakeCare, a health-tech startup, in January and strengthens its offering in home healthcare areas such as sleep medicine, respiratory care, geriatric care and orthopedics.
"Medical equipment is often an integral element of effective home healthcare especially in areas such as diabetes, oncology, orthopedics, geriatric care, sleep and respiratory disorders. The Health Mantra team 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," said Meena Ganesh, MD and CEO of Portea.
Bengaluru-ased Health Mantra, which was started in 2009 by Ashish Bhutada and Anoop Kodoli, has a team of more than 30 biomedical engineers, physiotherapists and service staff and a service network across five states – Karnataka, Kerala, Tamil Nadu, Andhra Pradesh/Telangana and Maharashtra.
"Our alignment with Portea provides us a wider canvas to expand our operations across product lines and locations. We are already present across South India and Maharashtra; there is huge untapped demand in these markets as well as elsewhere in the country and we look forward to continuing to serve customers with patient-centric and holistic solutions," said Ashish Bhutada, CEO of Heath Mantra.
Portea had received Series B funding of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast in September 2015 and acquired specialty pharmaceutical distributor, MedybizPharma, in November. Portea is also exploring other investments to expand its offerings.
This acquisition comes right after Portea picked up a majority stake in PSTakeCare, a health-tech startup, in January and strengthens its offering in home healthcare areas such as sleep medicine, respiratory care, geriatric care and orthopedics.
"Medical equipment is often an integral element of effective home healthcare especially in areas such as diabetes, oncology, orthopedics, geriatric care, sleep and respiratory disorders. The Health Mantra team 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," said Meena Ganesh, MD and CEO of Portea.
Bengaluru-ased Health Mantra, which was started in 2009 by Ashish Bhutada and Anoop Kodoli, has a team of more than 30 biomedical engineers, physiotherapists and service staff and a service network across five states – Karnataka, Kerala, Tamil Nadu, Andhra Pradesh/Telangana and Maharashtra.
"Our alignment with Portea provides us a wider canvas to expand our operations across product lines and locations. We are already present across South India and Maharashtra; there is huge untapped demand in these markets as well as elsewhere in the country and we look forward to continuing to serve customers with patient-centric and holistic solutions," said Ashish Bhutada, CEO of Heath Mantra.
Portea had received Series B funding of $37.5 million from Accel Partners, IFC, Qualcomm Ventures and Ventureast in September 2015 and acquired specialty pharmaceutical distributor, MedybizPharma, in November. Portea is also exploring other investments to expand its offerings.
( Originally published on Mar 31, 2016 )
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