Practo
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| Private | |
| ISIN | 🆔 |
| Industry | Health Care |
| Founded 📆 | May 2008 |
| Founder 👔 | Shashank ND Abhinav Lal |
| Headquarters 🏙️ | Bengaluru, India |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | https://www.practo.com/ |
| 📇 Address | |
| 📞 telephone | |
Practo, an integrated healthcare company, connects the entire health ecosystem – including patients, doctors, clinics, hospitals, pharmacies, diagnostics. It seeks to make quality healthcare affordable and accessible for over a billion Indians. Practo aims to empower users with the most accurate, comprehensive, and curated information and care, enabling them to make better healthcare decisions. Headquartered in Bengaluru, India[1].The company was founded in May 2008 by Shashank ND and Abhinav Lal. Practo offers various services to patients to find suitable healthcare provider[2] , book online consultations, maintain electronic health records and deliver medicines and lab tests, through the mobile application and website.
For healthcare providers, they offer Software as a service (SaaS) based tools that help digitise a range of services like scheduling and billing appointments, and keeping patient records in clinics and hospitals.
Practo is present in 20+ countries such as Singapore, Indonesia, Philippines and Brazil, with over 1 lakh verified doctor partners onboard.[3] [4]
The company’s investors include Tencent Holdings, Google Capital, Sequoia Capital, Yuri Milner, Matrix Partners, Altimeter Capital, Belgium’s Sofina, Recruit Holdings, Thrive Capital, etc.[5][6]
History[edit]
In 2008, the co-founder, Shashank ND faced a situation where he was unable to share his father’s medical records as they were not available digitally with the health practitioner who was to operate on him. It was a turning point in his life as he, along with his batchmate Abhinav Lal, realized that they had to start from somewhere and develop a product to digitize the operations of doctors[7] and simplify access to quality healthcare for all.
With the objective of helping doctors and clinics digitize medical practices and make them more efficient, the company launched a business-to-business (B2B) software in 2009.
Practo had serviced more than 3 million patients and facilitated nearly 10,000 appointments each day. The rapid growth led to Sequoia Capital investing $4 million in Practo in the same year in Series A funding. With this investment Practo aimed to reach 100,000 doctors and 50 million patients in the coming three years.[8]
In the same year, the company started work on a business-to-consumer (B2C) service, Practo Search focused on customers to help them discover and make appointments with doctors. With the B2B Practo Ray onboarding doctors and B2C Practo Search allowing patients to discover them, the process became coherent.
By 2013, Practo went global by expanding its operations to Singapore, where, within two years, it became the biggest clinic management software by market share.
With Series B and Series C funding in quick succession, Practo successfully raised over $120 million to rapidly build and shape the platform.[9] The company was also able to acquire its competitor, Qikwell to become world’s largest appointment booking platform.[10]
To make quality healthcare affordable and accessible to all, the company launched a subscription-based monthly Practo Health Plan to provide unlimited online consultations with doctors in 2020. With the onset of the COVID-19 pandemic, Practo’s health plans and initiatives grew by over 250 per cent to help people in need.[11]
References[edit]
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- ↑ "Practo Growth Breakdown: How 2 NIT Graduates Unified the Healthcare and IT Industry in India". nextbigwhat. 2018-08-23. Retrieved 2021-10-23.
- ↑ "Exclusive: Practo Raises INR 120 Cr From Trifecta Capital, Internal Investors". Inc42 Media. 2019-06-21. Retrieved 2021-10-23.
- ↑ "About us | What we do". Practo. Retrieved 2021-10-23.
- ↑ "Practo to add 65 cities in India, expand overseas in 2016". The Economic Times. Retrieved 2021-10-23.
- ↑ Jani, Shruti (2019-02-03). "Practo: The Story of Taking Risks and Receiving Great Payoffs". TechStory. Retrieved 2021-10-23.
- ↑ "Practo Success Story | How It Works | Revenue Model | Business Model". StartupTalky. 2021-09-29. Retrieved 2021-10-23.
- ↑ "Practo Growth Breakdown: How 2 NIT Graduates Unified the Healthcare and IT Industry in India". nextbigwhat. 2018-08-23. Retrieved 2021-10-23.
- ↑ "What Happened to Practo?". A Junior VC. 2020-02-22. Retrieved 2021-10-23.
- ↑ "How It Works: Practo". Code Brew Labs. Retrieved 2021-10-23.
- ↑ "Practo Acquires Qikwell To Become World's Largest Healthcare Appointment Booking Platform". Inc42 Media. 2015-09-24. Retrieved 2021-10-23.
- ↑ IANS (2020-12-08). "Practo's telemedicine subscription plans record 250% growth in 6 months". Business Standard India. Retrieved 2021-10-23.
References[edit]
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