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Updated on: Thursday, September 30, 2021, 02:32 PM IST

Portea Medical secures $7.7 mn loan guaranty commitment from DFC

PTI
The DFC-guaranteed loan will be used to support rapid expansion of Portea Medical's business | NikolayFrolochkin

The DFC-guaranteed loan will be used to support rapid expansion of Portea Medical's business | NikolayFrolochkin

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Home healthcare provider Portea Medical on Thursday said it has secured a commitment from the United States International Development Finance Corporation (DFC) for a $7.7 million (over Rs 55 crore) loan guaranty facility.

"The company has secured a commitment from the DFC for a $7.7M local currency guaranty facility to assure repayment of a rupee-denominated loan to be issued by a local commercial bank in India," Portea Medical said in a statement.

The DFC guarantee will enable a local commercial bank in India to extend an equivalent of Rs 52 crore loan to Portea, it added.

The DFC-guaranteed loan will be used to support rapid expansion of Portea Medical's business through digitalisation, broadening service offerings, increasing geographical coverage and developing innovative delivery channels for home-based healthcare, the statement said.

"Portea has been building its leadership in the outside of healthcare space in this country. Having an entity of the caliber and pedigree as DFC partner with us in this journey is very exciting," Portea Medical Co-Founder, MD and Chairperson Meena Ganesh said.

DFC's focus on low-and lower middle-income countries has ensured that organisations get the much-needed financial support for developmental projects, she added.

On the development, DFC's Vice President of the Office of External Affairs and Head of Global Gender Equity Initiatives, Algene Sajery said, "DFC is proud to support Portea Medical, a business co-founded by a woman, in bringing high-quality medical care to patients'' homes - an agility that is needed now more than ever as the pandemic continues to strain resources."

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Published on: Thursday, September 30, 2021, 02:32 PM IST
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