Home healthcare solution provider startup, Portea Medical has recently raised $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). The regulatory filings with the Registrar of Companies show that, the board at Portea has passed a special resolution to issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS) at an issue price of Rs. 23.96 per share, aggregating to Rs. 165.8 crore or around $20 million to the equity shareholders of the company on a rights issue basis.

Portea Medical has already received the green signal from SEBI to float a Rs. 1,000 crore IPO in April last year. The company had filed a draft red herring prospectus (DRHP) in June 2022.

Portea Medical is a Bengaluru based company founded by Meena Ganesh, Ganesh Krishnan and Vaibhav Tewari. The company provides services such as mother and child care, consultation for nutrition and diet, physiotherapy, nursing, lab tests, counseling, and elder care. It also offers a lab sample collection facility and medical equipment for sale or on hire.

The company claimed that, it has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals.

According to the startup data intelligence platform TheKredible, Portea’s revenue from operations declined 3.3% to Rs. 145 crore in FY23 from Rs 150 crore in FY22.

The shrinking scale and fixed overheads initiated the firm to register a Rs. 53 crore loss during FY23 against Rs. 40 crore loss in the previous fiscal. The company is yet to file audited financial statements for FY24. Portea will be the third company which has secured funding in 2024,after filing a DRHP.