Practo raises $55M led by Tencent
Bengaluru, India – January 17th, 2017: Practo, the leading healthcare platform, today announced $55M Series D funding in a round led by Tencent. Three new investors joined Practo – ru-Net, RSI Fund (owned by Recruit Holdings) and Thrive Capital. Other existing investors Matrix Partners, Sequoia Capital, Capital G (formerly Google Capital), Altimeter Capital & Sofina also participated.
With these funds, Practo will further build an integrated platform to unlock value for the entire healthcare ecosystem, accelerate R&D into AI & ML to build smarter products and invest further in its international operations.
Practo has emerged as the de facto destination to find the right healthcare provider and book appointments. Over the past few months, 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 their health records. Additionally, Practo also provides health content for consumers written by doctors.
Practo partners with healthcare providers like doctors, clinics, diagnostic centers, hospitals etc. to help them improve patient experience & bring in efficiencies in their business. On the enterprise side, Practo’s customers include marquee institutions like Max Healthcare, Manipal, Narayana Hrudalaya, Cloud9 and many others who use Practo’s software to provide a superior healthcare experience to their patients.
Practo has also expanded its enterprise software to the Middle East with customers including noted institutions such as Lifeline hospital in Abu Dhabi and American Academy of Cosmetic Surgery Hospital in Dubai using Insta – the full-stack HIMS solution for enterprises.
Practo’s recent acquisition of advanced analytics firm Enlightiks enables it to offer business intelligence solutions to healthcare enterprises. With this Practo has completed the entire suite of products both on consumer and healthcare practitioners side and opened the possibility of unlocking more value for the entire ecosystem.
Robust growth in the consumer and enterprise business has ensured Practo’s revenue streams remain strong and thus, continue to help billions of people live healthier, longer lives.
“We welcome our new investors to the Practo family and thank existing partners for their continued support. This round will help us double down our efforts on building smarter products using Artificial intelligence (AI) & Machine learning (ML) as well as continue our geographic expansion. 2017 will be the year our integrated healthcare platform comes to life and we will partner with various service providers to build solutions with Practo. This will be made possible by providing a central infrastructure on which the entire healthcare ecosystem can interact, connect, create & exchange value by linking layers of data, communication & payments to deliver better care.” said Shashank ND, co-Founder and CEO of Practo.
“Shashank's vision for making Practo into a large Healthcare platform coming out of India is well underway and we welcome the new investors as our partners on this exciting path.” said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
“Practo has made impressive progress, expanding its platform to cover more and more healthcare needs of consumers and providers. A full stack model in healthcare is very difficult to pull off, but Practo has built and rapidly scaled a full-stack solution that is rare to see globally. We are excited to strengthen our partnership with Practo, and look forward to working with them to transform healthcare.” said Hongwei Chen, Executive Director of Investment and M&A, Tencent.
“Practo has a unique model and a massive opportunity to transform one of the most fundamental needs of mankind – healthcare. We are thrilled to partner with them and look forward to working with the team as they take their platform to billions of people around the world.” said Galina Chifina, Investment Director, ru-Net.
“Practo has an amazing opportunity to unify global healthcare on a single seamless platform. This could make healthcare simpler, more efficient and more affordable for billions of people around the world. We are excited to partner with them and look forward to working with them to bring this to more countries, more consumers and more healthcare providers.” said Yoshihiro Kitamura, Senior Corporate Executive Officer, RSI Fund (owned by Recruit Holdings).
“We’re excited to Partner with Practo and join them in building a transformative healthcare platform that will simplify healthcare for both consumers and providers. Practo is in a unique position to improve both the patient and provider experience and their model and platform addresses the challenges faced by people all over the world in both developing and developed countries. We look forward to working with them as they bring about a whole new healthcare experience.” said Kareem Zaki, Investor, Thrive Capital.
“We are excited to partner with Practo as they continue to scale their offering to millions of consumers and doctors in India and other markets. Investing in Machine learning and AI will help Practo to further their efforts to digitize the healthcare ecosystem and offer users a great product experience." said Kaushik Anand, Head of India Investments, Capital G (formerly Google Capital).
Practo is the leading healthcare platform connecting millions of patients with hundreds of thousands of healthcare providers around the world. Practo provides a single platform to help consumers with all their healthcare needs – from finding the right healthcare provider to online doctor consultation, diagnostic tests, managing health records and even ordering medicines. Practo also makes software products that help healthcare providers become more efficient and provide higher quality healthcare to millions of patients around the world. Practo is dedicated to focus healthcare around the consumer and helping humanity live healthier longer. Further information is available at www.practo.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 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), Dailyhunt (mobile local language platform), Mswipe (mobile POS), Limeroad (mobile social commerce marketplace), Treebo (digital hotel chain) and Belong (recruitment + big-data platform) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in
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