BackPracto Technologies raises $30 million from Sequoia and Matrix Partners
The company is looking to use the funds to expand to 35 cities in India, including Coimbatore, Ahmedabad and Surat
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Mumbai: Bengaluru-based Practo Technologies Pvt. Ltd that owns and operates the online doctor appointments booking portal on Thursday said it has raised $30 million in a second (series B) round of funding.
Sequoia Capital led the round with participation from Matrix Partners. Sequoia had invested ₹ 25 crore in the company in 2012.
The company is looking to use the funds to expand to 35 cities in India, including Coimbatore, Ahmedabad and Surat. “We currently offer doctor listings for three countries and will be expanding to Middle East, South East Asia and other developing markets," said Shashank N.D., co-founder and CEO, Practo Technologies in a telephonic interview. By the year end, the company will also list diagnostic centres, hospitals and clinics on its portal.
“Practo is revolutionizing healthcare by enabling consumers to find the best doctors, book instant appointments and make better, more informed health decisions. We look to help them to scale and bring Practo to millions of consumers around the globe," said Avnish Bajaj, co-founder and managing director, Matrix India in a statement.
Practo was founded in 2008 by Shashank and Abhinav Lal. It currently offers listing of 120,000 doctors across 20 specialities. Practo Search and Practo Ray are the two services the company offers..
Practo Search is an online directory of doctors that helps patients search for a doctor and make an appointments for free. Practo Ray is a subscription-based web software tool (patient management software) for doctors which provides automated appointment scheduling, storage of healthcare records including X-rays, files, prescriptions and billing.
The company charges doctors an annual fee of ₹ 12,000-32,000 for the use of the software.
Other start-ups operating in this space that have raised funds include Delhi-based HelpingDoc Pvt. Ltd, an that raised ₹ 10 crore from Senior Marketing Systems (SMS) in 2014. Mumbai-based Angels Health Pvt. Ltd (MediAngels.com) raised $1 million in funding from Ventureast Tenet Fund and the government of India’s technology development board in 2014, DocSuggest Healthcare services Pvt. Ltd. (Ziffi.com). The Mumbai- based company raised ₹ 15 crore form Orios Venture Partners in 2014.
Bengaluru-based Qikwell Technologies India Pvt. Ltd raised $3 million from Saif Partners in a first (series A) round of funding in 2014.
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