Practo Raises $90 Million in Series C Funding Led by Tencent

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Practo Raises $90 Million in Series C Funding Led by Tencent

Online healthcare platform Practo announced Thursday it has raised closed $90 million (roughly Rs. 574 crores) in Series C funding, one of the largest investment in the digital healthcare space. The funding round was led by Tencent, with participation from marquee institutional investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities, and Yuri Milner.

Practo had raised $30 million (roughly Rs. 191 crores) in its Series B funding round led by Sequoia Capital and Matrix Partners earlier this year bringing Practo's total funds raised to $125 million (roughly Rs. 797 crores). The firm plans covers 35 cities in India and plans to expand to 10 countries across Southeast Asia, Latin America, Middle East and Eastern Europe.

"We are excited to partner with some of the best investors on the planet. Our global partners will give us the edge to continue building global healthcare products that our users love," said Shashank ND, Founder and CEO of Practo, adding that he intends to take Practo to billions of people globally with its international expansion.

Practo said that it has a database of 200,000 healthcare practitioners, and logs over 10 million searches every month, and a growth rate of 6x in the last six months.

The company's main offerings are a cloud-based healthcare management solution for practitioners called Practo Ray, which does scheduling, booking, manages digital healthcare records, inventory and billing. The platform has a second monetisation model called Practo Reach, which shows cards for user searches on the platform.

The firm had launched a diagnostics search feature recently, and also acquired product outsourcing firm Genii, and made two key hires - Anshumani Ruddra and Tarun Bhambra to lead new product teams.

Over 40-50 percent of users come from mobile, the company said. Available on iPhone and Android devices, Practo's apps have logged over one million downloads, a spokesperson said. The app has lets you look at your past appointments and medical records, and includes Uber integration. The company plans to expand to the fitness, wellness and interaction space.

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Further reading: Apps, Internet, Practo, Practo Ray, Tencent
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