India's Practo gets $55m round led by Tencent
China's Tencent Holdings has led a $55 million Series D round for Indian clinic management software and doctor search portal developer Practo.
Additional participants in the round included new investors ru-Net Holdings, a Russian VC firm, Japan’s Recruit Holdings, and Thrive Capital. Existing backers Sequoia Capital, Capital G (formerly Google Capital), Matrix Partners, Altimeter Capital and Sofina also contributed.
Practo produces a range of products that target various aspects of the healthcare landscape. Its clinic management software provides doctors with a means to improve operational efficiency, while patients are targeted by the online doctor search and appointment booking services, along with the online pharmacy portal. It is active in India, Brazil, Indonesia, the Philippines and Singapore, and recently entered the Middle East as well with operations in Abu Dhabi and Dubai.
The company has raised several rounds of funding, most recently a $90 million Series C round led by Tencent in 2015. Last year it acquired US-based analytics firm Enlightiks for a reported $13.9 million, intending to convert it into an analytics unit within Practo and enhance the parent company’s products by improving efficiency.
“2017 will be the year our integrated healthcare platform comes to life and we will partner with various service providers to build solutions with Practo,” said Practo CEO Shashank N.D. in a statement. “This will be made possible by providing a central infrastructure on which the entire healthcare ecosystem can interact, connect, create and exchange value by linking layers of data, communication and payments to deliver better care.”
Practo is one of several Indian start-ups seeking to use technology to improve healthcare outcomes. Other players in the sector include healthcare-focused IT outsourcing firm Innovaccer, which raised a $15.6 million Series A round led by WestBridge Capital Partners last year, and doctor consultation app Lybrate, whose backers include Tiger Global and Nexus Venture Partners.
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