Practo, the most funded startup in the health tech domain globally, is receiving some fresh cash infusion. The upstart has today announced procurement of a massive $55 million in its series D round, led by existing investor Tencent.
Other major participants for the round include Russia’s Ru-Net, RSI Fund, New York’s Thrive Capital along with previous investors like Sequoia, Matrix, Capital G (formerly Google Capital), Altimeter Capital and Sofina. Post the fund raise, the total investments for the health care company reaches beyond $120 million.
Shashank ND, Founder & CEO for Practo delightfully commented on the raise as,
This round will help us continue our geographic expansion in 2017. This will be the year our integrated healthcare platform comes to life and we will partner with various service providers to build solutions with Practo.
This will be made possible by providing a central infrastructure on which the entire healthcare ecosystem can interact, connect, create & exchange value by linking layers of data, communication & payments to deliver better care.
The funds will be channelized towards expansion in international markets including Southeast Asia, Latin America, the Middle East and Africa. The platform is currently present in Philippines, Indonesia, Singapore and Brazil with over 45 million appointments per year. The company has tie-ups with 200,000 healthcare practitioners, 10,000 hospitals and 5,000 diagnostic centers with an instant and active service in the country.
Practo has been developing its mobile platform for quite a few months now and has added several features such as quick booking, online consultation, online medicine ordering, booking diagnostic tests and health records management.
The venture also acquired healthcare analytics firm Enlightiks Business Solutions just a month ago in order to provide data relating to increase and decrease in expenses and fees to hospitals and doctors. Other acquired startups for Practo includes Qikwell ,Insta Health ,FitHo, a fitness management platform and product outsourcing firm Genii.
Shashank further added,
This gives us enough run way to last a while, there’s no current timeline for an IPO, We still see this industry as just opened up, technology as a utility in healthcare is just starting out, so we have a lot of potential to grow.
For Tencent, this is the second investment in recent times, in this very domain. Tencent previously led a $750K seed funding round for Tissue Analytics, a telemedicine app similar to Practo.
