AVCJ

Tencent leads $90m round for India's Practo

  • Holden Mann
  • LinkedIn  
  • Google plus  
  • Save this article  

Tencent has led a $90 million Series C round for Indian clinic management developer and doctor search portal Practo, with participation from Sofina, Google Capital, and others.

Existing investors Sequoia India and Matrix Partners also participated in the round, according to a statement. Practo will use the funds to expand into new segments, such as fitness, wellness and hospitals, to move into up to 10 countries, to acquire more companies and to develop new products.

Currently Practo operates in India, the Philippines, and Singapore. It plans to target developing countries in Asia, Latin America and eastern Europe for expansion before attempting to enter developed countries.

The company sells its clinic management software PractoRay under a software-as-a-service (SaaS) model to primary-care clinics. PractoRay allows doctors to schedule appointments and handle patient records conveniently. Practo also provides tools for patients to find and compare doctors online and schedule appointments.

Sequoia and Matrix previously committed $30 million in Series B funding to Practo earlier this year. Sequoia also contributed all of Practo's INR250 million ($4.6 million) Series A round in 2012.

Practo faces competition from a number of other start-ups, including Praxify, Allizhealth and Lybrate. Lybrate raised a $10 million Series B round earlier this year led by Tiger Global.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs