Healthcare firm Practo
hopes to expand its services to 100 cities across the country by the end of this year from 35 at present, chief executive Shashank ND said. The Bengaluru-based company also plans to venture into more overseas markets, after having started operations in Singapore, Philippines, Indonesia and Malaysia last year.
Shashank said the company is on track to break even by next year as it expects to significantly increase its revenue in the current fiscal. “We are very revenue focused; we don’t run a discount game,” he said.
The company has three major revenue streams — software sales to hospitals and clinics; hardware sales, comprising sales of tablets that are used by doctors to manage appointments and front offices; and classifieds wherein hospitals buy sponsored listings on the Practo platform. “There is a lot of scope for further expansion of our hardware sales,” said Shashank.
In 2014-15, Practo’s revenue increased to Rs 29.73 crore from Rs 2.30 crore a year earlier, while the company incurred a loss of Rs 12.85 crore compared to Rs 9.88 crore in the year-ago period, according to documents filed with the Registrar of Companies.
Besides raising $120 million last year, including $90 million through Series-C round led by Chinese firm Tencent, Practo in September announced the acquisition of Qikwell, a $40-million buyout which helps hospitals book appointments, and that of Insta Health, a cloud-based hospital management software for $12 million.
The acquisition of Insta Health made Practo a leading appointment booking platform, with 40-million appointments managed every year. This is besides preventive heathcare app FitHo and Genii which helps ecommerce, finance and media firms set up their online portals.
The company plans to go in for more acquisitions this year in futuristic technologies such as machine learning, genome technology, wellness and fitness. “We are looking not just at ideas but good products and we will be scouting for deals elsewhere outside of India,” said Shashank.
Practo, launched in 2008 by Shashank ND and Abhinav Lal, launched Practo Ray as the first product created by the company and is offered as software-as-aservice (SaaS), serves doctors while Practo Search is the app that helps patients find doctors.
Hospitals, clinics and doctors need to list their services on Practo. The company is now backed by marquee investors Sequoia Capital and Matrix Partners, along with global investors such as Tencent, Russian billionaire Yuri Milner, Belgian investment firm Sofina, Google Capital and Altimeter Capital.