Practo Raises $90M Series C, led by Tencent
Funds to help Practo accelerate its march towards becoming a leading global digital healthcare platform
August 6th 2015, Singapore: Practo, Asia’s leading healthcare platform, today announced that it has closed $90M in Series C funding. This round was led by Tencent, with participation from marquee institutional investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner.
This comes a few months after closing a $30M Series B round from Sequoia India and Matrix Partners, bringing Practo’s total funds raised to $125M - one of the largest in the world of Digital Health.
Practo is in a unique position of having a globally respected strong B2B software product (Practo Ray) that is tightly integrated with its much loved consumer offering (Practo Search) – creating the world’s first and only healthcare hyperloop that is connecting the entire healthcare ecosystem and is helping millions of consumers make better healthcare decisions.
Over the past six months, Practo has grown over six-fold to become one of the fastest growing healthcare platforms in the world with nearly 200,000 healthcare practitioners on it and over 10M monthly searches by consumers looking to make the right healthcare choices.
Over the next three to six months, Practo will expand product lines and continue to look for potential acquisition of companies to encompass key healthcare segments and provide a seamless experience across medicine, wellness and fitness, globally.
Practo will continue to add top notch talent to its world class team of 1500 Practeons to continue to build the best products that will transform healthcare for consumers around the world.
The footprint will expand from the current 35 Indian cities and three countries to over 100 Indian cities and ten countries across Southeast Asia, Latin America, Middle East and Eastern Europe.
“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. Millions of users trust our platform every month and with our international expansion we aim to take Practo to billions of people globally” – Shashank ND, Founder & CEO, Practo.
“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,” - Hongwei Chen, Senior Director of Investment and M&A at Tencent.
"Sofina is proud to join Practo on its journey to transform the way stakeholders interact in the healthcare space. This move is consistent with our strategy to be a long-term partner of world-class entrepreneurs and investors in growth markets." - Maxence Tombeur, Head of Asia at Sofina.
“The Practo team is on a mission to redefine how consumers access healthcare providers and health records, and we couldn’t be more delighted by the profound and deep impact on society that the company is poised to create. Sequoia India is excited to continue to invest in Practo as the company executes on its vision. Having seen Shashank and the team from the very early days of Practo, and watching their evolution over the years, I can say with confidence that the best years for Practo are ahead of them.” - Shailendra Singh, Managing Director, Sequoia Capital India Advisors
“We’re thrilled to invest in Practo as they work to improve access to health information for patients and doctors in India, and to expand across Asia and globally. Practo is solving a challenging problem with an innovative business model that will transform access to health information and likely health outcomes as well.”- David Lawee, Partner at Google Capital
"Practo offers tremendous value to users, a highly differentiated technology, a huge market opportunity, exceptional growth, and a great management team. Altimeter Capital is proud to support Practo in its mission to dramatically improve global healthcare." - Ram Parameswaran, Partner at Altimeter Capital.
“Practo has very rapidly executed to become the de-facto leader in Asia in digital healthcare and this partnership with some of the marquee investors in the world is testament to Shashank and the Practo team's outstanding vision and execution! We welcome the new investors as our partners on this amazing journey.” - Avnish Bajaj, co-Founder and Managing Director, Matrix India.
Practo’s mission is to help improve human longevity by simplifying healthcare. We’re leading the way with Practo Search – Asia’s largest healthcare discovery platform used by millions of consumers every month and Practo Ray – the practice management solution of choice for thousands of doctors managing millions of patients and digital healthcare records every year. For more information visit: www.Practo.com
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