Practo, the healthcare platform has closed $90 million in Series C funding. This round was led by Tencent, with participation from marquee institutional investors including Sofina, Sequoia India, Google Capital, Altimeter Capital, Matrix Partners, Sequoia Capital Global Equities and Yuri Milner.
This investment news has come just a few months after closing a $30M series B round from Sequoia India and Matrix Partners, bringing Practo’s total funds raise to $125 million. With the freshly raised capital, the company plans on expanding its product lines and would be looking for potential acquisition of companies over the next three to six months. Practo is also planning on adding to its team of 1,500 ‘Practeons’.
Over the past six months, Practo has grown over 6 times with nearly 200,000 healthcare practitioners on it and over 10 million monthly searches by consumers.
It plans expansion from the current 35 Indian cities and three countries to over 100 Indian cities and 10 countries across South east Asia, Latin America, Middle East and Eastern Europe.
In July 2015, Practo acquired Genii – a product outsourcing firm with deep domain experience building bespoke eCommerce portals, SaaS platforms across retail, media, finance and other industries for clients including Axis Bank, Mediassist, Economic Times, HDFC RED and others.