Practo set to emerge as de-facto leader in digital healthcare in Asia
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Backed by Sequoia India and Matrix Partners, Bengaluru-based online healthcare services firm Practo has raised close to $90 million in its Series C round of funding. Apart from existing investors, this round was led by Tencent, with participation from marquee institutional investors including Sofina, Google Capital, Altimeter Capital, Sequoia Capital Global Equities, and Yuri Milner.
The latest round of funding comes a few months after closing $30 million in Series B round; bringing Practo’s total fund raised till date to $125 million, which is considered to be one of the largest in the world of digital health. Speaking on the same lines, Avnish Bajaj, Co-founder and MD, Matrix India, said, “Practo has rapidly executed to become the de-facto leader in Asia’s digital healthcare space. The partnership with some of the marquee investors in the world is a testament to Practo team's outstanding vision and execution.”
Commenting on the investment, Hongwei Chen, Senior Director of Investment and M&A, Tencent, said, “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 people’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.”
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 10 million monthly searches by consumers looking to make the right healthcare choices.
Sharing his thoughts on the new deal and partnerships, Shashank ND, Co-founder and CEO, Practo, said, “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.”
Over the next six months, Practo will use the raised fund to 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.
Further, Practo will continue to add top-notch talent to its current team of 1,500 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.
“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,” said Shailendra Singh, Managing Director, Sequoia Capital India Advisors.