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Healthcare tech startup Practo raises $30 mn from Matrix Partners, others

Healthcare tech
startup Practo has raised $30 million in a funding round led by Matrix
Partners. The Bengaluru based company has reportedly been valued at over Rs 1,000 crore. The investment is said to one of the largest in the digital health space outside the US.

Healthcare tech
startup Practo has raised $30 million in a funding round led by Matrix
Partners. The Bengaluru based company has reportedly been valued at over Rs 1,000 crore. The investment is said to one of the largest in the digital health space outside the US.

Existing
investor Sequoia Capital, which had invested $4 million in Practo in 2012, also
participated in this round, reports the Times of India.

Founded in 2008 by
Shashank N D and Abhinav Lal, Practo began by creating a product that enabled
doctors to digitize their operations. It’s available as a
software-as-a-service; doctors pay annual subscription fees of about Rs 12,000.
Some 29,000 doctors currently use the software that allows them to keep all
records, including patient records, on the cloud, and also share those records
online with the patient.

Practo
subsequently created a portal that allowed patients to search for doctors for
specific ailments and search by location. It also allowed them to make
appointment bookings, and provide feedback on doctors. Practo has a
feet-onthe-street model to ensure that the doctor details are absolutely
accurate.

The company
claims that 120,000 doctors are currently on its platform. Practo operates in
six tier-1 cities in India, and in Singapore. The fresh funds would be used
partly to expand to 35 more cities in India over the next six months. The
expansion will involve a lot more hiring. Practo has 600 employees now, up from
200 in June last year. The number is expected to rise to 1,000 by March, and
1,500 by December. According to the company, the number of searches for doctors
on the platform touched 4 million in January, up from 2.5 million in December. 

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