Practo: An Online Health Service Platform, Revolutionizing The Healthcare Segment

Practo: An Online Health Service Platform
Practo: An Online Health Service Platform

Practo: An Online Health Service Platform, Revolutionizing The Healthcare Segment

A unique online health service platform, Practo assists patients to fix appointments with doctors, digitize their health records and get online consultations also. It was founded by Shaskhank ND and Abhinav all in the year 2008. It was created first, technically speaking; is online medical practice management software made for and used only by doctors and other medical personnel only.

Today, the platform boasts of an impressive list of clientele comprising two lakh doctors, 10,000 hospitals and 5,000 diagnostic centers in 35 cities and four countries. The amazing digital service offered by Practo has made rapid strides, raising $124 million so far, the biggest by any healthcare venture.

The Inception

In the year 2007, Shashank ND and Abhinav Lal graduated from the National Institute of Technology in Surtakal in Karnataka. While all their classmates and colleagues decided to take up jobs through placements, these two decided to embark on their entrepreneurial journey.

At the twenty years of age, both of them have decided to start their own company; it was a decision full of high risks. But if things get in the right way, the rewards will be high too. And hence the success story of one of the biggest health care start-ups in India begins- Practo.

With its unique concept and work and aggressive marketing and networking, Practo flourished successfully. In the year 2011, they served over 5000 different medical practices, 5000 doctors were on their supply-side end and 500,0000 patients ended up being on their demand-side platform.

Soon, it grew and the company now manages more than 2 crores patients a month and more than 100,000 doctors. It has 7 offices and customers in more than 15 countries.

Now, Practo wants to be the one-stop solution for any healthcare needs. It is continuously working to scale up and expand by targeting new markets and segments. It wishes to flourish domestically and internationally.

The Business Model & Acquisition

Practo has multiple sources of revenue. It has a premium listing, like how Zomato has the same. First is sponsored listing. Hospitals that are listing right on the top, the company charges them for the listing space. One of the major sources of revenue is practice management software known as Practo Ray. It is sold to doctors on an annual contract basis. This is a unique tech solution for doctors to manage the patient’s health record, the billing and the clinic.

Practo acquired a leading digital fitness solution, FitHo Wellness in April 2015. This acquisition took place because the company intends to expand into the healthcare space.

Funding

At the initial phase, the founding was critical issues for Practo. But with time, the networking grew and traction grew and funding started to pour and it has had five funding rounds.

· The first Series around was in the year 2012 in which it roped in $4 million with Sequoia Capital.

· The Series B brought in USD 30 million through two investors but again led by Sequoia Capital in the year 2015

· In 2015, Series C was the biggest round of funding for Practo that brought in USD 90 million led by Tencent Holdings.

· In 2016, they ran a venture funding round; it roped in %55 million USD over here.

· In 2017, the company got 9 investors on board with an amount of USD 55 million.

Future Plan

In the next few years, the company will continue to transform the industry on the global level and deliver on Practo’spromise of being ‘Your Health App’. They will also continue to add a skilled workforce to its world-class team to continue to create the best products that will enhance the healthcare industry for people across the world.

In coming days, the footprint of Practo will expand from the current 35 Indian cities and 4 countries to more than 100 Indian cities and 10 countries across South East Asia, Latin American, the Middle East and Eastern Europe.

The Founder

Sheepshank ND is the founder and CEO of Practo Technologies. It is a lesser-known name amongst the commoners because Shashank is a media-shy and he does not prefer to reveal much about himself.

Shashank is a true legend in the making and because of his work and leadership skills, he has been select for the Indian National Olympiad in Informatics in 2005.

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