Bengaluru-based online healthcare platform Practo has raised $55 Mn Series D funding in a round led by Tencent.
With this, three new investors have joined Practo – ru-Net, RSI Fund (owned by Recruit Holdings), and Thrive Capital. Other existing investors Sequoia Capital, Matrix Partners, Capital G (formerly Google Capital), Altimeter Capital, and Sofina also participated in this round.
“Practo has an amazing opportunity to unify global healthcare on a single, seamless platform. This could make healthcare simpler, more efficient, and more affordable for billions of people around the world. We are excited to associate with them and look forward to working with them to bring this to more countries, more consumers, and more healthcare providers,” said Yoshihiro Kitamura, Managing Corporate Executive Officer at RSI Fund (owned by Recruit Holdings).
The startup plans to use the newly raised capital to further build an integrated platform that unlocks value for the entire healthcare ecosystem and invest further in its international operations.
Founded in 2008 by Shashank ND and Abhinav Lal, Practo is a healthcare platform that connects patients with healthcare providers around the world. It provides a single platform to help consumers with all their healthcare needs – from finding the right healthcare provider to online doctor consultation, diagnostic tests, managing health records and even ordering medicines.
Shashank ND, founder & CEO, Practo said, “2017 will be the year our integrated healthcare platform comes to life and we will partner with various service providers to build solutions with Practo. This will be made possible by providing a central infrastructure on which the entire healthcare ecosystem can interact, connect, create & exchange value by linking layers of data, communication & payments to deliver better care.”
Practo partners with healthcare providers like doctors, clinics, diagnostic centres, hospitals etc. to help them improve patient experience & bring in efficiencies in their business. On the enterprise side, Practo’s customers include institutions like Max Healthcare, Manipal, Cloud9 and many others who use Practo’s software to provide a superior healthcare experience to their patients.
Practo has also expanded its enterprise software to the Middle East with customers including noted institutions such as Lifeline hospital in Abu Dhabi and American Academy of Cosmetic Surgery Hospital in Dubai using Insta – the full-stack HIMS solution for enterprises.
As per a company statement, Practo is currently present in 15 countries and over 50 cities around the world. IT claims to manage over 45 Mn appointments on the platform annually.
Practo recently acquired advanced analytics firm Enlightiks, which enables it to offer business intelligence solutions to healthcare enterprises. With this move, Practo has completed the entire suite of products both on the consumer and healthcare practitioners’ side. Prior to this, in January 2016, Practo launched ‘Practo Order,’ its medicine delivery service in Bengaluru. In the same month, Practo announced its foray into personal care and fitness segment.
In August 2015, Practo had raised over $90 Mn in its Series C round led by Tencent, Sofina & Others. Other startups in this segment include Lybrate, Ziffi, Zoctr, etc.
