After raising an impressive $90 Mn in Series C funding last month, the online healthcare platform Practo has acquired hospital information management company, Insta Health Solutions for about $12 Mn. This acquisition is another stepping stone for Practo, as it looks to rapidly grow in the healthcare space and increase its database of doctors worldwide.
With this deal, 100 Insta Health employees will join Practo’s team. By integrating Insta Health’s hospital information management solution into its platform, Practo aims to ease the process of seeking a doctor’s appointment for its users. They can gain real-time info about a doctor’s availability in the hospital and can book an appointment with any doctor across the 500 hospitals that Insta Health covers. Users can also access all their medical records on Practo’s web or mobile app.
“This is the third of several acquisitions we’ve been evaluating as we continue our mission to help simplify and digitize healthcare around the world and make Practo your health app,” said Shashank ND, founder and CEO, Practo.
Insta Health was founded seven years ago by Ramesh Emani – former CTO of Wipro Technologies. Insta is used by both standalone and chain of clinics, hospitals and diagnostic labs for automating their clinical, operational and financial processes such as scheduling, registration, out-patient and in- patient management, billing, and electronic medical records (EMRs) among others.
Insta will operate as a separate division and will continue to be led by Ramesh; strengthening its presence in 15 countries across Southeast Asia, Middle East and Africa.
Founded in 2008 by Shashank ND and Abhinav Lal, Practo has two key products – Practo Search, which is a doctor search engine and Practo Ray – the practice management solution for doctors managing a large number of patients and digital healthcare records every year.
This is the company’s third acquisition this year, after it acquired Genii – a product outsourcing firm – in July and digital wellness and fitness solution FitHo in April. The company is also in talks to acquire Qikwell Technologies.
Its $90 Mn Series C funding round was led by by Tencent and was also participated by marquee institutional investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner. Prior to that, it had raised Series B round of $30 Mn led by Sequoia India and Matrix Partners. The total funds raised by Practo, till date, amounts to around $125 Mn.