India: Practo raises $55m in Series D funding led by China’s Tencent

Shashank ND, Co-Founder and CEO of Practo

Digital healthcare start-up Practo Technologies Pvt Ltd has raised $55 million in a Series-D funding round led by China’s Tencent, with participation from new investors ru-Net, RSI Fund, owned by Recruit Holdings and Thrive Capital.

Existing investors Sequoia Capital, Matrix Partners, Google Capital, Sofina and Altimeter Capital also participated in the round, said co-founder and chief executive Shashank N.D.

Practo last raised $90 million from a clutch of investors in August 2015. The company has so far raised about $179 million since inception in 2008, making it by far the most well funded homegrown healthcare start-up.

Practo, which operates in India, the Philippines, Singapore, Indonesia, Malaysia and Brazil, will also enter the health insurance segment through partnerships with existing businesses.

“Practo is a neutral stakeholder and want to focus on that. We will partner with all existing health insurance providers. We will stay an aggregator and make sure that their work can be amplified,” said Shashank.

Practo earns revenue by selling a practice management and appointment scheduling software for doctors and clinics, as well as a hospital information management solution, all on a software as a service model, apart from a sponsored listing service for hospitals and clinics.

The company was started in 2008 by Shashank and Abhinav Lal as a practice management software service provider for doctors and launched a consumer facing doctor discovery platform in 2013.

According to Shashank, Practo booked about 45 million appointments in 2016 and five million patient records were shared on its app last year.

Practo has been among the most active buyers among large Indian start-ups. It has so far acquired business analytics service provider Enlightiks, appointment booking platform Qikwell, hospital information management service provider Insta Health Solutions, apart from FitHo, a fitness management platform and product outsourcing firm Genii.

Its acquisitions, especially Qikwell and Insta, have not only helped the company enter the enterprise segment—hospitals and clinics—but also opened additional revenue streams for the company.

Also Read:

India: Practo buys healthcare analytics firm Enlightiks

Exclusive: Health-tech startup Practo eyes more acquisitions, aims at profits in 2017

India: Healthcare startup Practo’s loss widens to $9.5m in FY 2016

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.