Practo launches operations in Brazil, to monetize in international locations
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Bengaluru: India’s largest doctor discovery platform Practo on Thursday launched services in Brazil, its sixth international location.
This makes it one of the few homegrown consumer Internet startups to capitalize on some of the high-growth, but largely untapped global markets. Practo, operated by Practo Technologies Pvt. Ltd, is already present in Singapore, the Philippines, Malaysia, Indonesia and Brazil.
The company, which is the best-funded healthcare startup in India, has so far raised about $128 million from investors such as Tencent, Sequoia Capital, Matrix Partners, Google Capital and Yuri Milner, the Russian billionaire and founder of DST Global among others.
On the consumer front, Practo has expanded its scope beyond doctor discovery and appointment booking to online doctor consultation, clinics, beauty and wellness and even medicine delivery.
To be sure, Practo generates revenue from Practo Ray, a doctor-facing practice management software sold as a subscription-based, software-as-a-service product, and Practo Reach, a sponsored listing service for hospitals and clinics. The company does not charge consumers for doctor discovery and appointment booking through its customer facing product Practo Search. Listing is free for doctors.
The company now offers its doctor discovery and appointment booking platform, Practo Search, in five countries other than India: Singapore, the Philippines, Malaysia, Indonesia and Brazil.
The revenue generating products Practo Ray and Practo Reach have been launched in India, Singapore and the Philippines, three of its biggest markets.
“In Singapore, Practo is the market leader and has listed over 6,000 doctors which is around 80% coverage. In Indonesia, Practo provides the largest database for doctors. Consumers have access to over 6,200 verified doctors in over 60% of all clinics across Jakarta. In the Philippines, Practo has over 11,000 doctors, which is 70% of all the doctors and makes it the largest doctor database in the country,” said Shashank N.D., co-founder and chief executive at Practo, in an email response.
He further claimed that appointment bookings through Practo in Singapore has grown more than three times in the last two quarters while in Indonesia, search volumes have grown more than 20 times. In the Philippines, user base has grown more than four times while appointments booked have grown more than 25 times.
To be sure, a surge in consumer base or appointment booking does not immediately translate into higher revenue for Practo. However, a spike in consumer base definitely helps boost valuations as a large customer base can be potentially monetized in future.
Practo had acquired hospital information management solution provider Insta Health Solutions for $12 million in September in an attempt to boost revenue. Insta Health Solutions has over 500 hospitals as clients in 15 nations across South-east Asia, West Asia and Africa using its information management software.
Its acquisition of Qikwell, which has expertise in appointment scheduling at hospitals, helped Practo penetrate deeper into the enterprise segment, especially hospitals, clinics and diagnostic centres. Additionally, Practo had acquired product outsourcing firm Genii in July and Delhi-based health and fitness solutions firm Fitho Wellness Services Pvt. Ltd in April.