Practo acquires Genii to build up its technology infrastructure
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Bengaluru: Online doctor discovery platform Practo Technologies Pvt. Ltd has acquired Mumbai-based product outsourcing firm Genii to strengthen its technology infrastructure.
The acquisition comes amid Practo gearing up to enter the enterprise segment, with the launch of new products for hospitals and diagnostic centres.
The company did not disclose the terms of the deal.
At present, Practo generates revenue from Practo Ray, a doctor-facing practice management software sold as a subscription-based, software-as-a-service product. The company does not charge doctors and patients for listing and booking appointments on its consumer-facing platform Practo.com but hosts advertisements from hospitals and clinics on the website.
Genii, founded in 2011 by Varun Vohra and Aditya Anand, had raised $100,000 from angel investors. Vohra and Anand, along with the 11-member team, will join Practo.
“The company with the best talent wins. Genii’s expertise is building enterprise products and that is what we needed because Practo is very aggressive on the enterprise products,” said Shashank N.D., co-founder and chief executive, Practo.
Practo will look for multiple acquisitions in the next 12 months to accelerate growth. It will look at acquisitions for innovative products and technology, talent and increasing customer base. “We will do double-digit acquisitions in next 12 months,” said Shashank.
Founded in 2008 by Shashank and Abhinav Lal, Practo has so far raised $34 million from Sequoia Capital, Matrix Partners and InnoVen Capital. Genii is the second company acquired by Practo. In April, the company had acquired FitHo, a web and app-based fitness management platform, to enter the preventive healthcare segment. It also harbours international aspirations, having launched in Singapore and Malaysia in the last one year.
Practo plans to expand to 10 countries across South East Asia, West Asia, Latin America and eastern Europe by the end of the year. The firm claims to have on-board about 5,000 doctors in Singapore and about 11,000 doctors in the Philippines.
Though Practo has first-mover advantage in India, the domestic market is brimming with businesses in the doctor discovery and appointment booking segment. Other prominent firms in the segment are Lybrate, Ziffi, Qikwell and HelpingDoc.
However, unlike other consumer internet companies in the country, this segment has not yet caught investor attention.
While there are about 140 start-ups in the doctor-booking and practice management software space, only two companies—Practo and Lybrate—have raised more than $10 million in a single funding round, according to Tracxn, a start-up tracker.
Lybrate Inc. announced on Wednesday that the company has raised $10 million from Tiger Global and Nexus Venture Partners.