Digital healthcare platform Practo, which connects patients with doctors, on Tuesday said that it has raised $55 million (R374 crore) in Series D funding round led by Tencent. Three new investors joined Practo in this round namely ru-Net of Russia, RSI Fund owned by Recruit Holdings from Japan and Thrive Capital of New York. Existing investors Sequoia Capital, Matrix Partners, Capital G (formerly Google Capital), Altimeter Capital and Sofina also participated in the round.
With the infusion of fresh capital, the total funds raised by Practo has gone up to $179 million, Shashank ND, founder & CEO said. Practo aims to further build an integrated platform to unlock value for the entire healthcare ecosystem and invest in its international operations, he said.
“This round will help us continue our geographic expansion. Our integrated healthcare platform will come to life in 2017 and we will partner with various service providers to build solutions with Practo,” Shashank told reporters. He said the company will further expand operations in markets like South East Asia, West Asia and Latin American countries this year. It also plans to foray into health insurance to expand its offerings, he said.
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Shashank said the company has entered into a dialogue with a host of health insurance companies for its foray and will announce the deal very soon. Without giving any details of the insurance foray, he said the company will help patients secure an insurance from a host of players already present in the insurance market.
Practo also plans to go for an IPO abroad before doing the same in Indian capital market, he said without giving exact timeline on its plans to go public. The company earns its revenues by way of advertising income and commission it charges from doctors and enterprises, while it offers its services mostly free of cost to consumers.
Over the last one year, Practo has grown rapidly to provide a more integrated experience catering to all healthcare needs of consumers including faster booking, online consultation, online medicine ordering, booking diagnostic tests and managing health records.
Practo partners with healthcare providers like doctors, clinics, diagnostic centres and hospitals among others to help them improve patient experience. On the enterprise side, Practo’s customers include Max Healthcare, Manipal, Cloud9 and many others who use Practo’s software to provide a healthcare experience to their patients.