BENGALURU : Out-of-hospital consumer healthcare startup Portea Medical said Thursday it had secured a commitment from the United States’ International Development Finance Corporation (DFC) for a $ 7.7 million guarantee facility. dollars in local currency.
The DFC Guarantee will allow a local commercial bank in India to extend the equivalent of ??52 crore loan to Portea. The structure will help raise local capital for Portea and mitigate the currency risk of the company’s balance sheet.
This will secure the repayment of a rupee denominated loan that will be issued by a local commercial bank in India.
The loan guaranteed by DFC will be used to support the rapid expansion of Portea Medical’s activities through digitization, expansion of service offerings, increased geographic coverage and development of healthcare delivery channels. home health.
During the covid-19 pandemic, Portea enlisted more than 1,000 healthcare workers and 500 physicians, directly and through partnerships, to provide home isolation support to covid-19 patients under agreements with the governments of Delhi, Karnataka, Haryana, Punjab, Chennai and local administrations.
To date, Portea has treated more than 400,000 covid-19 positive patients.
“Portea has strengthened its leadership in the field of outpatient health care in this country. To have an entity of caliber and pedigree as a DFC partner with us on this journey is very exciting. They are well known for their drive to create social impact by investing in businesses in areas such as health. Their focus on low and lower middle income countries has enabled organizations to get the much-needed financial support for development projects, ”said Meena Ganesh, Co-Founder, CEO and President of Portea Medical.
According to a report by RedSeer Consulting, the home care sector in India is expected to grow from $ 11 billion to $ 13 billion by 2025. The covid-19 pandemic has further accelerated this growth.
Currently, Portea Medical offers complicated medical procedures including home dialysis and chemotherapy during the pandemic. With the increase in debt, the company is poised to move forward by expanding its presence across the country.
“DFC is proud to support Portea Medical, bringing high quality medical care to patients’ homes – an agility that is needed more than ever as the pandemic continues to strain resources,” said Algene Sajery, Vice President from the DFC External Affairs Office. and responsible for global gender equity initiatives.
“I am also very happy to see Portea Medical’s continued commitment to lifting underserved women out of poverty by training them for careers in health care that will impact the lives of generations,” added Sajery.
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