'Able was I ere I saw Elba'-this quote attributed to Napolean, indicates that every successful person eventually meets their Waterloo. In this case, Portea seems to be the one crack in the success story of Ms Ganesh, who otherwise has a great record(http://www.vccircle.com/news/healthcare-services/2013/07/29/serial-entrepreneurs-meena-k-ganesh-buy-healthcare-services-firm). They purchased the firm in 2013, and scaled it up getting capital from Accel even as late as Sep-15. However, this did not halt them from being among the firms who withdrew campus offers as reported widely in the media(http://m.techgig.com/tech-news/editors-pick/8-tech-companies-who-delayed-or-cancelled-offer-letters-44581). While the other companies here may be run by first time entrepreneurs or have burnt through funding, that is not the case for this firm with such excellent management. The couple have ensured profitable exits for all their portfolio firms so far.
However, there were indications that this was coming. For example, when my aunt needed a full time medical attendent, another aunt(a qualified MD) thought to use Portea, but given the quality of the attendants and the shoddy customer service, she repented her decision since the service did not even match basic standards, forget justifying its premium pricing. So given the operational issues in the firm, cancellation of offers is just an outcome, indicating underlying business issues.
One hopes that the company can be salvaged, however present situations do not seem good. Read more about the company at the below link
http://paulwriter.com/quick-chat-with-meena-ganesh-partner-growthstory-in-and-md-ceo-portea-medical/
Meena is MD & CEO of Portea Medical, India’s largest and fastest growing home healthcare company, which she co-founded in July 2013. With 4500+ employees and operations across 24 cities in India and 4 cities in Malaysia, Portea (www.portea.com) brings in-home to patients the full range of geriatric, chronic, post-operative care as well as allied healthcare services. Meena is leading the charge as the company expands to 50 cities over the next 2 years providing affordable and convenient healthcare solutions.
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