Bengaluru-based healthtech platform Practo has raised INR 120 Cr ($17.2 Mn) from Trifecta Capital and other internal investors. The company confirmed to Inc42 the funding amount and added that this is part of an internal round.
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company had floated an offer of INR 70 Cr ($10 Mn) debt from Trifecta. The first tranche has come in this month, but the second INR 35 Cr ($5 Mn) tranche will come if the company raises at least $30 Mn funding in this round.
Further, the second tranche is expected to come in by December 31, 2019, after the company raises such capital. However, it is to be noted that Practo raised its Series A funding in 2012 and completed a $55 Mn Series D funding round in 2017.
Founded in 2008 by Shashank ND and Abhinav Lal, Practo operates a marketplace model to offer multiple services to users ranging from finding the healthcare provider to booking an appointment, online doctor consultation, getting their tests done and ordering medicines.
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Practo also makes software products that help healthcare providers in digitising their hospitals and clinics. The company website shows that it is present in 15 countries and enables 50 Mn appointments a year. It claims to have 100K healthcare providers onboard.
The company also launched Practo Prime premium service to avail services in a lesser time etc. It also introduced Practo Ray, a medical practice management system, gives doctors features such as appointment reminders, online payments etc.
Healthtech Startups In India
According to DataLabs by Inc42 estimates, the total market size of the healthcare industry in India is projected to be $202 Bn this year. This is a growth of 84% from the $110 Bn market size in the year 2016.
The data found that the driving force behind the phenomenal growth of the healthcare industry can be linked to factors such as the emergence of healthtech, the rise in medical value tourism and the increase in the number of lifestyle or urban diseases and disorders such as cardiovascular diseases and diabetes.
In the healthtech sector, Practo competes with startups such as NetMeds, mChemist, Medikoe, BigChemist and 1mg. With rising middle-class, state-of-the-art healthcare facilities, expert physicians, and increased dependency on technology to facilitate healthcare at the prevention stage the industry is expected to attain double-digit growth.
Update: August 8, 2019
Practo Enters Lending Game
Practo joined the league of tech companies offering credit cards with a partnership with RBL Bank. The health-centric credit card – RBL Bank Practo Plus — is powered by Mastercard.
The companies said that the card is designed to cater to customers in both metros and non-metro cities. Some of the benefits include unlimited online consultations with doctors 24×7, One free full body health check-up and for every INR 100 spent on this card, cardholder earns one unit of Practo HealthCash.