Doctor discovery platform Practo has raised $90 million in a Series C funding round led by Tencent and Sofina with existing investor Sequoia Capital, reportedly valuing the startup at $525 million. Google Capital, Altimeter Capital, Matrix Partners and DST Global founder Yuri Milner have also participated in this round. This round totals Practo’s funding at $125 million.
The company will use the funding to expand product lines, look for potential acquisitions in healthcare segments to provide medicine, wellness and fitness information globally. It will also add to its team strength (current strength 1,500) and expand to over 100 Indian cities and 10 countries in Southeast Asia, Latin America, the Middle East and Eastern Europe.
Practo claims to list over 200,000 healthcare practitioners on its service across 35 cities. It also claims to see over 10 million searches on its platform.
Sequoia and Matrix funding
The company had raised $30 million from existing investor Sequoia Capital, with participation from Matrix Partners in February this year. At the time, Practo had said the funds would be used to expand to 35 more cities in India over the next six months and for hiring.
Genii acquisition, eying the enterprise segment
Last month, Practo acquired Mumbai based product and development firm Genii for an undisclosed sum. The entire Genii team, including the founders, would be joining Practo in Bangalore. Practo planned to foray into the enterprise segment which would include hospitals and diagnostic centres. Practo claimed that it would expand the number of hospitals on its platform from 8,000 to over 20,000 by the end of this year.
Diagnostic centres search
In July, Practo added diagnostic centers to its platform, which would allow users to search for medical test centers near them. Users would be provided accreditation information to determine the quality of the lab, check if home pickup facility is available, prices for different tests conducted by the lab, and photographs of the lab facility.
In April, Practo acquired digital fitness solution FitHo to start offering preventive healthcare solutions to its users. Shashank ND, cofounder and CEO of Practo, informed MediaNama that the FitHo deal was a cash plus equity deal, but did not reveal the size of the deal. He also mentioned that besides the founders, the other members of the FitHo team would also be joining Practo. Shashank said that this acquisition would not only allow Practo to diversify their offerings, and enter the preventive healthcare space, it would also help with user acquisition.
It’s worth noting that, earlier this year, Shashank had told Medianama that they were working towards offering users a patient health record management solution and were interested in telemedicine.
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