Practo Tech’s losses widen to Rs190.68 crore in 2016-17
Bengaluur: Losses at healthcare technology start-up Practo Technologies Pvt. Ltd nearly trebled in 2016-17 on sharply higher expenses, even as revenues rose 28.4%.
According to information sourced from business information platform Tofler, revenue was Rs211.98 crore in 2016-17, against Rs165.14 crore the previous year. Losses rose to Rs190.68 crore, from Rs64.61 crore a year ago.
Revenue grew only 1.2x times in FY17 against a fivefold growth in FY16.
Practo Pte, the Singapore-based holding firm that owns a 93.8% stake in Practo Technologies, contributed revenues of Rs198.83 crore in FY17.
Practo’s expenses rose 75% year-on-year to Rs402.66 crore, from Rs229.76 crore a year ago. The majority of the expense was staff costs, which stood at Rs286.75 crore. Other expenses were at Rs106.24 crore in FY17.
Rest of the expenses included finance cost of Rs2.04 crore and depreciation and amortization expense of Rs11.38 crore.
Practo, one of the well-funded start-ups in the online medical care space, competes with NetMeds and Portea, among others.
It raised $55 million in a Series D funding led by China’s Tencent Holdings Ltd in January 2017.
Other investors in the company include Belgian venture capital firm Sofina, Google Capital, Altimeter Capital, Yuri Milner, founder of Russian venture capital firm DST Global, Sequoia Capital and Matrix Partners.
Although the firm started off as a doctor practice management software in 2008, it launched a consumer-facing doctor discovery and appointment booking platform in 2013. It diversified into clinic discovery, online doctor consultation, and medicine delivery over the years.
Apart from operations in India, the company branched out into countries such as Brazil, Philippines, Malaysia, Indonesia and Singapore.
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