Practo, Asia's leading healthcare platform raises $90M led by Tencent
Bangalore, India - August 6th, 2015: Practo, backed by Sequoia India and Matrix Partners India, today announced that it has closed $90M in Series C funding. This round was led by Tencent, with participation from marquee institutional investors including Sofina, Google Capital, Altimeter Capital, Sequoia Capital Global Equities, Yuri Milner, and existing investors Sequoia India and Matrix Partners India. This comes a few months after closing a $30M Series B round, bringing Practo`s total funds raised to $125M - one of the largest in the world of digital health.
Practo is in a unique position of having a globally respected strong B2B software product (Practo Ray) that is tightly integrated with its much loved consumer offering (Practo Search) - creating the world`s first and only healthcare hyperloop, that is connecting the entire healthcare ecosystem and is helping millions of consumers make better healthcare decisions.
Over the past six months, Practo has grown over 6x to become one of the fastest growing healthcare platforms in the world with nearly 200,000 healthcare practitioners and over 10M monthly searches by consumers looking to make the right healthcare choices.
Over the next six months, Practo will expand its product lines and continue to look for potential acquisitions of companies to encompass key healthcare segments and provide a seamless experience across medicine, wellness and fitness globally. Practo will continue to add top-notch talent to its world-class team of 1500 Practeons and continue to build the best products that will transform healthcare for consumers around the world. The footprint will expand from the current 35 Indian cities and 3 countries to over 100 Indian cities and 10 countries across South East Asia, Latin America, Middle East and Eastern Europe.
"We are hard at work building a single health app that helps people live healthier by making better healthcare decisions for themselves and their loved ones. 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. Millions of users trust our platform every month and with our international expansion we aim to take Practo to billions of people globally." said Shashank ND, co-Founder and CEO of Practo.
"We are very excited to partner with Practo as one of our first few investments in India. We look for ambitious, visionary Internet companies that are improving peopleâ€™s lives at a global scale. Practo is a digital healthcare leader and one of the fastest growing healthcare companies in India. We look forward to working with the Practo team as the company transforms healthcare in India and international markets." said Hongwei Chen, Senior Director of Investment and M&A at Tencent.
"Sofina is proud to join Practo on its journey to transform the way stakeholders interact in the healthcare space, consistent with our strategy to be a long-term partner of world-class entrepreneurs and investors in growth markets." said Maxence Tombeur, Head of Asia at Sofina.
"The Practo team is on a mission to redefine how consumers access healthcare providers and health records, and we couldn't be more delighted by the profound and deep impact on society that the company is poised to create. We are excited to continue to invest in Practo as the company executes on its vision. Having seen Shashank and the team from the very early days of Practo, and watching their evolution over the years, I can say with confidence that the best years for Practo are ahead of them." said Shailendra Singh, Managing Director, Sequoia Capital India Advisors.
"We're thrilled to invest in Practo as they work to improve access to health information for patients and doctors in India, and to expand across Asia and globally. Practo is solving a challenging problem with an innovative business model that will transform access to health information and likely health outcomes as well." said David Lawee, Partner at Google Capital.
"Practo offers tremendous value to users, a highly differentiated technology, a huge market opportunity, exceptional growth and a great management team. Altimeter Capital is proud to support Practo in its mission to dramatically improve global healthcare." said Ram Parameswaran, Partner at Altimeter Capital.
"Practo has very rapidly executed to become the de-facto leader in Asia in digital healthcare and this partnership with some of the marquee investors in the world is testament to Shashank and the Practo team's outstanding vision and execution! We welcome the new investors as our partners on this amazing journey." said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
Practo's mission is to help improve human longevity by simplifying healthcare. We are leading the way with Practo Search - Asia's largest healthcary discovery platform used by millions of consumers every month and Practo Ray - the practice management solution of choice for thousands of doctors managing millions of patients and digital healthcare records every year. Further information is available at www.practo.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation marketplace), Quikr (online classifieds), Newshunt (mobile local language platform), TinyOwl (food ordering app), LimeRoad (mobile social commerce marketplace), Stayzilla (short term accommodation marketplace), MSwipe (mobile POS), Belong (recruitment + big-data platform) and WeAreHolidays (outbound travel marketplace) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in
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