Continuing its lead over smaller players in the healthcare industry, Practo, which is currently one of the most heavily funded healthcare startups globally, has posted more than 10x increase in its revenues for the financial year that ended in March 2015.
While the company’s revenue increased 10 fold for the year, its loss has also increased by 30 percent. As per the documents filed by the company with Registrar of Companies (via Mint), its revenues increased to Rs.29.73 crore from Rs.2.30 crore of previous year, while the company incurred a loss of Rs.12.85 crore, against Rs.9.88 crore in the same duration a year-ago.
It’s expenses also grew more than three times – from Rs.12.19 crore in fiscal 2014 to Rs.42.59 crore. For employee benefits, it spent Rs. 25.8 crore, which comprised more than half of the firm’s expenses.
Some of the experts believe that Practo’s losses may surge in the near future as the company has invested in multiple acquisitions, along with spending on international expansion, launching more categories and brand promotion.
According to Traxcn, there are more than 140 startups in India which provide service like doctor appointment booking and practice management. However, among all of the startups in this space, Practo is leading the game with more than 2,00,000 doctors, 5,000 diagnostic centers and 8,000 hospitals on its portal.
About five months ago, the company raised $90 million round, which was led by Tencent along with the participation of Belgian investment firm Sofina and existing investors Sequoia Capital. Prior to that, it had raised $30 million in Series B round of funding, co-led by Matrix Partners and Sequoia Capital.
Ever since it raised Series B round, Practo has been actively acquiring smaller companies operating in the healthcare space. All of the acquisitions of the company looks well strategised and helping company grow further.
Recently, it has acquired Qikwell, an appointment booking platform which brought a staggering 40 million user-base under the Practo’s belt. Before that, it had acquired hospital management platform Instahealth for a massive $12 Million to bring in hospital management under its ambit.
Along with the acquisitions, the startup is also strengthening its leadership, and brought in Anshumani Ruddra and Tarun Bhambra to lead its new products team which will work on professional networking and prescriptions.