Practo closed $90M in Series C funding today. This was led by Tencent, with participation from Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner.
The funding will be used towards –
- Expansion in other geographies
- Building product capabilities
In the past Practo had raised $30M Series B round from Sequoia India and Matrix Partners, in February 2015. The company acquired Fitho and Genii to target preventive healthcare and the enterprise segment. It plans to hire 500 members to the existing 1500 member team.
According to Shashank,
Each of these investors bring unique value proposition on board. If you look at them they are complimentary to the others and together makes for one of the greatest set of investors.
Rapid Growth @ 6X
- Over the past six months, Practo has grown over 6 times with nearly 200,000 healthcare practitioners on it and over 10M monthly searches by consumers looking to make the right healthcare choices.
- Practo also has more than 8000 hospitals on-board its platform with target towards expansion and getting doctors on the platform.
- Next 3-6 months, the company plans to expand product lines and continue its acquisition spree to encompass key healthcare segments across medicine, wellness and fitness in a global scale.
- Expansion will continue towards 35 Indian cities and three countries to over 100 Indian cities and 10 countries across South East Asia, Latin America, the Middle East and Eastern Europe.
- The vision is set towards 2 billion lives.
Practo @ Current Business
- The company has product for the doctor (Practo Ray), clinic and the patient (Practo Search).
- It is running pilots with Uber and Ola as a part of its upcoming partnership
Like you have your professional life on LinkedIn, social life on Facebook, we aim to be the go to platform for your health and well-being.
- Mid-term plan is to enable large scale transactions on its platform in a discounted model.
- The estimated healthcare expenditure in India in 2013 was $96.3 billion which constituted almost 5% of the GDP.
- The number is expected to cross $195 billion in the next three years.