Practo raises $90 mil­lion from China's Ten­cent

The Pak Banker - - COMPANIES/BOSS -

BEI­JING: Online healthcare ser­vice provider Practo Tech­nolo­gies Pvt. Ltd said it raised $90 mil­lion (around Rs.580 crore) from a clutch of in­vestors led by China's Ten­cent to in­crease its lead in the doc­tor dis­cov­ery busi­ness and ac­cel­er­ate its in­ter­na­tional ex­pan­sion.

Apart from Ten­cent, other new in­vestors in the round in­clude So­fina, Se­quoia Cap­i­tal Global Eq­ui­ties, Google Cap­i­tal, Al­time­ter Cap­i­tal and Yuri Mil­ner, founder of Rus­sian ven­ture cap­i­tal firm DST Global. Practo's ex­ist­ing in­vestors Se­quoia In­dia and Ma­trix Part­ners also par­tic­i­pated in the round. Practo said it will use the funds to launch new prod­ucts and ex­pand into more in­ter­na­tional mar­kets. It is cur­rently avail­able in the Philip­pines and Sin­ga­pore, apart from In­dia. In Fe­bru­ary, Practo raised $30 mil­lion from Se­quoia In­dia and Ma­trix Part­ners. The com­pany has raised $125 mil­lion since its launch in 2008.

Practo said it fa­cil­i­tates 10 mil­lion searches ev­ery month. There are more than 200,000 doc­tors, 5,000 di­ag­nos­tic cen­tres and 8,000 hos­pi­tals on its plat­form. "We look for am­bi­tious, vi­sion­ary In­ter­net com­pa­nies that are im­prov­ing peo­ple's lives at a global scale. Practo is a dig­i­tal healthcare leader and one of the fastest grow­ing healthcare com­pa­nies in In­dia. We look for­ward to work­ing with the Practo team as the com­pany trans­forms healthcare in In­dia and in­ter­na­tional mar­kets," said Hong­wei Chen, se­nior di­rec­tor of in­vest­ment and M&A at Ten­cent. Practo was rais­ing a new round of funds from Ten­cent and oth­ers, Mint re­ported on 4 Au­gust, and that the com­pany is in talks to buy smaller ri­val Qik­well Tech­nolo­gies In­dia Pvt. Ltd.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.