Bangalore, India, July 31 2014: Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, has made a strategic investment in Portea Medical (www.portea.com) as India’s largest and fastest growing home healthcare company continues to scale its network and service delivery to address the country’s expanding need for innovative and cost-effective solutions to tackle chronic disease management and geriatric care.
“Technology is the pivot on which Portea’s care-offering is built and we are therefore delighted with the investment by Qualcomm. I am confident their technical expertise and guidance will help Portea become the focal point for technology-led solutions to tackle two of India’s biggest challenges – chronic disease management and support for the growing population of elderly in the country,” said Meena Ganesh, Co-founder and Chief Executive Officer, Portea Medical.
Vice President of Qualcomm Ventures India Karthee Madasamy said, “India’s already strained healthcare infrastructure requires transformational strategies. Wireless technologies are revolutionizing healthcare, and with our investment in Portea, we aim to create a technology based platform to address India’s healthcare challenges.”
After China, India has the second largest geriatric population in the world. According to an UNFPA (United Nations Population Fund) report, the number of over-60s in India will increase from 100 million in 2011 to 300 million by 2050, which will mean one in five Indians will be above the age of 60. Of the 300 million over-60s, 200 million are likely to be suffering from chronic ailments. Already, non-communicable diseases, including cardio-vascular diseases (CVDs), diabetes, chronic obstructive pulmonary disease (COPD) and cancer cause 1 in 2 deaths in India underscoring the multi-pronged nature of the problem confronting the country.
Portea’s services encompass geriatric care, postoperative care, palliative care and physiotherapy, and the company works in partnership with insurance companies, major hospitals and the medical community to offer a continuum of care to patients.
In December 2013, Portea announced $8 M in Series A funding from Accel Partners and Ventureast.