Practo loss widens to Rs64.61 crore in FY 2016
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Bengaluru: Healthcare start-up Practo Technologies Pvt. Ltd recorded a five-fold increase in revenue in the fiscal year ended 31 March, while its loss widened almost five times, documents filed with the Registrar of Companies show.
Practo clocked revenue of Rs165.14 crore for the year ended 31 March, 2016, as against Rs29.73 crore a year earlier. Net sales stood at Rs156 crore. Loss climbed to Rs64.61 crore from Rs12.85 crore a year earlier.
About Rs133 crore of sales came from Practo Pte, the Singapore-based company that holds about a 93% stake in Practo Technologies, for providing “software development and support services”, as against Rs23 crore a year earlier. This implies that actual business revenue grew four times to Rs23 crore as against Rs6 crore a year earlier.
Practo did not respond to an email seeking comment on the financials and its revenue arrangement with the Singapore entity.
Practo Technologies is the most well-funded homegrown healthcare technology start-up, which has raised about $124 million from the likes of China’s Tencent, Belgian venture capital firm Sofina, Google Capital, Altimeter Capital, Yuri Milner, founder of Russian venture capital firm DST Global, Sequoia Capital and Matrix Partners.
During its last fund raise in August 2015, the company was valued at about $500 million.