Business

Practo raises $90mn in series C funding led by Tencent

Healthcare platform Practo today announced that it has raised $90 million (Rs. 574 crore) in Series C funding. This round was led by Tencent, with participation from investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner.

This round of funding comes a few months after closing a $30 million (Rs. 191 crore) Series B round of funding from Sequoia India and Matrix Partners. After the three series of funding, total funds raised by Practo is $125 million (Rs. 797 crore).

After the successful funding, Practo plans on expanding the product lines and look for potential acquisition of companies over the next three to six months. Practo also plans on adding to its team of 1,500 ‘Practeons’.

Hongwei Chen, Senior Director of Investment and M&A at 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.”

Shashank ND, Founder & CEO of 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.”

Practo plans expansion from the current 35 Indian cities and three countries to over 100 Indian cities and 10 countries across South East Asia, Latin America, Middle East and Eastern Europe.

With increase in operations and network, Practo now has nearly 200,000 healthcare practitioners on it and over 10 million monthly searches by consumers.

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Printable version | May 16, 2021 9:33:56 PM | https://www.thehindu.com/business/practo-raises-90mn-in-series-c-funding-led-by-tencent/article7507227.ece

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