Bengaluru-based healthcare technology start-up Practo on Thursday announced the acquisition of Delhi-NCR based wellness solution provider Fitho Wellness. The financial details of the buyout was not provided by the company, however, it said the deal is cash and equity deal.
With the deal all the 12 members of the Delhi-based company will move to Practo's facility in Bengaluru and its current offerings will be phased out over next 6 months. According to the deal, co-founders of Fitho Dhruv Gupta will be appointed as the Product Head for Preventive at Practo while another founder Prachu Gupta will be the taking on the role of GM-Operations, New Segments respectively.
“This is our first of several acquisition we are exploring. Our mission is to make a single health app which offers consumers a more comprehensive solution ranging from preventive to curative healthcare,” said Shashank N.D, Founder and CEO.
As part of its expansion plans, the Bengaluru-based start-up which recently raised $30 million from Sequoia Capital and Matrix Partners is looking at more acquisition.
“We have enough cash with us and acquisition is one way of increasing the presence, adding more models and also filling certain gaps for our future growth. We are actively looking at more companies as part of this,” added Mr Shashank.
Practo employs 1,000 people has presence in more than 37 cities in India including markets like Singapore and Philippiness. The company is planning to expand to other foreign markets like Latin America, South-East Asian countries and Middle-East and North Africa.
“At present we are operational in Singapore and Philippines and through our future acquisitions we will look to enter new foreign markets,” he added.
The firm had recently launched Spa, ayurvedic clinics, Homeopath clinics services into its app. Practo also offers practice management platform 'Practo Ray' for doctors which enable them to manage patients, billing and other services.
