Online healthcare startup Practo raises $55mn in funding

Online healthcare platform Practo today said it has raised USD 55 million (over Rs 374 crore) in a funding led by Tencent.

The series D funding also saw participation from three new investors -- u-Net, RSI Fund (owned by Recruit Holdings) and Thrive Capital. With this, the company has raised close to USD 180 million so far.

"Our existing investors Sequoia Capital, Matrix Partners, Capital G (formerly Google Capital), Altimeter Capital and Sofina also participated in this round," Practo founder and CEO Shashank N D told PTI.

He added that the company will use the funds to further strengthen its platform and invest in its international operations.

Shashank, however, declined to comment on the valuation part.

"We have seen rapid growth, given our focus on providing a more integrated experience catering to all healthcare needs of consumers, including faster booking, online medicine ordering, booking diagnostic tests and managing their health records," he said.

Practo enables consumers to search for and book doctor appointments, have online consultations, buy medicines, manage health records and access healthcare-related content through its website and app.

On the enterprise side, Practo partners with healthcare providers like doctors, clinics, diagnostic centres, hospitals and the like to help them improve patient experience and bring in efficiencies in their business. Practo's customers include institutions like Max Healthcare and Manipal.

"We have expanded our enterprise software to the Middle-East. We will further strengthen our position there," he said.

Its customers in the Middle-East include Lifeline hospital in Abu Dhabi and American Academy of Cosmetic Surgery Hospital in Dubai.

The Bengaluru-based start-up already operates in 15 countries, including Singapore, Indonesia and the Philippines, across over 50 cities.