People all around are always worried about their various health problems taking place. They always need expert advice to find a solution to their problems occurring. It may not be big problems but people are also concerned with their skin, hair, nails etc. They think that whatever advice they are receiving those ain't good enough for them and as a result, they want more.
Practo is a centre for doctor appointments. It answers your questions 24×7 and solves various health-related issues quickly. It also provides the contact numbers of the concerned centres. Read the Practo success story below to know more.
Company Highlights
| Startup Name | Practo |
|---|---|
| Headquarters | Bangalore, Karnataka, India |
| Founders | Shashank ND and Abhinav Lal |
| Founded | 2008 |
| Sector | Healthtech |
| Parent Organization | Practo Technologies Pvt. Ltd. |
| Website | practo.com |
Practo - About And History
Practo - Founders And Team
Practo - Startup Story
Practo - Business Model
Practo - Revenue Model
Practo - Tagline, Slogan And Logo
Practo - Funding And Investors
Practo - Growth
Practo - Competitors
Practo - Future Roadmap
Practo - About And History
Practo is a trusted and familiar home for its users to provide them with a healing touch. In the beginning it was known as Turbodoc. It was a cost-efficient cloud based healthcare software as a service platform to deliver healthcare information services with high clinical value and usability.
By 2009 it closed its 1st sale to a doctor. In late 2010 they rebranded the company as Practo. It is a patient-focused, unbiased and independent medical website with more than 100,000 doctor profiles from across India and Singapore. With the help of this app, patients can book confirmed appointments with respective doctors listed especially on Practo's website. This is a free service for both the doctors and patients. It assures it's users to find paths to live healthier.
StartupTalky
Practo - Founders And Team
Shashank ND and Abhinav Lal are the founders of Practo.
- Shashank ND is the founder and the CEO of the company. His CB Rank as a person is 1633. Till date, he has only found one organization. He pursued his B.TECH degree from the National Institute of Technology. He is responsible for the direction and overall vision of the company. He is also maintaining an active role in building Practo's products.
- Abhinav Lal is the cofounder and CTO of the company. He also pursued his B. TECH from National Institute of Technology. He knows only two languages which are Hindi and English.
Practo - Startup Story
While all the others were taking up jobs through placements, Shashank ND and Abhinav Lal thought of beginning an entrepreneurial journey. Of course, this was a very risky decision but they found their option better than getting a job from their placements. They dreamt of one thing which was a success and they knew that if they followed a proper path it would lead them to higher rewards that they didn't achieve before. And thus they both started the story of one of the biggest healthcare startups in the country.
StartupTalky
Practo - Business Model
The app allows its users to search for doctors, diagnostic labs, book appointments, consult with doctors online and order medicines. It's a cloud-based, subscription-based practise management software for clinics and doctors. It claims to have 90% of the market share of India. Basically, healthcare service providers are using information systems which incur high maintenance costs. But Practo is cost-efficient to deliver healthcare information services with high clinical value and usability. It has got a doctor discovery and appointment booking platform which gives the company a shot in the arm for its valuation. It doesn't take money for searches and appointment bookings.
StartupTalky
Practo - Revenue Model
The revenue model of the company centres around the medical providers (clinics) and Practo makes most of it's money through the SaaS subscription software. As mentioned above few things like the booking of appointments, listings, searching the doctors are for free and they don't charge any kind of commission in this field. It's helping billions to lead healthier lives.
The platform created enables doctors to save some valuable time. They are growing their business meaningfully and having more patients day by day. Practo has got a feet-on-ground sales strategy. It is expensive but effective in the same time. Independent doctors and small clinics are the main targeted products of this company. The company also reduces some transaction costs for its consumers to enjoy network effects on this platform.
Practo - Tagline, Slogan And Logo
The tagline of the company is 'Your Home for Health'. It's designed to serve its consumers with the best. It's target is to promote simplicity to its customers.
The logo is designed to be perfectly symmetric and it leverages the unique connections that exist between the letters of Practo. The dark and sky blue colour is used to convey a sense of solidarity and calmness which is very important in the healthcare sector. Two sky blue dots are used in the beginning and even in the ending of the word Practo.
Practo - Funding And Investors
Practo has raised a total amount $228.2 Million over 7 funding rounds.
| Date | Transaction Name | Money Raised | Lead Investors |
|---|---|---|---|
| August 15, 2020 | Series D | $32 Million | AIA Group |
| June 21, 2019 | Debt Financing | Rs 1.2 Billion | Trifecta Capital Advisors |
| January 1, 2019 | Venture Round | - | InnoVen Capital |
| January 16, 2017 | Series D | $55 Million | Tencent Holdings |
| August 6, 2015 | Series C | $90 Million | Tencent Holdings |
| February 12, 2015 | Series B | $30 Million | Sequoia Capital India |
| July 30, 2012 | Series A | $4 Million | - |
Practo is funded by 14 investors. Sofina and CapitalG are the recent investors.
Practo - Growth
The company has got 10,000+ doctors and 30k monthly booked appointments presently in their system. They have got over 10 million electronic patient records which are doubling every passing year. They have got around 7.5 million unique patients and over 7 million appointments take place every year. In terms of revenue, this company has been growing at 50 to 100% QoQ.
Practo - Competitors
The top competitors of this company are Portea, Goqii and Lybrate. Let's look below at the comparisons drawn about.
- Lybrate is quicker in answering questions and offers both free and paid online consultations.
- Portea works with the most leading hospitals, diagnostic centres, experienced doctors and nurses.
- Goqii is almost similar to Practo. They are using data analytics, wireless interfaces and cloud-based communication.
Practo - Future Roadmap
The company is aiming towards becoming the one and only one-stop destination for the patients to find the best doctors and to book appointments. Moving towards this aim would lead them to have many patients. They have announced to launch a monthly health care plan under the umbrella of Practo Plus. This would be a subscription-based healthcare plan that would provide unlimited online consultations with doctors from over twenty specialities.
Author: Purbalee Dutta
Source : https://startuptalky.com/practo-success-story/
Date : 2020-09-19T06:53:49.000Z