Draft:Practo
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 | |
| Company type | Private |
|---|---|
| Industry | Digital health |
| Founded | 2008 |
| Founder |
|
Area served | Multiple countries |
Key people |
|
| Products | Healthcare software, Online healthcare platform |
| Services |
|
| Website | practo |
Practo is an Indian digital healthcare company based in Bangalore. The company operates an online healthcare platform and develops software for healthcare providers.[1] As of 2022, it reported annual revenue of ₹216 crore (approximately US$26 million).[2]
History
[edit]Practo was founded in 2008 by Shashank ND and Abhinav Lal, graduates of the National Institute of Technology, Karnataka.[3] The company experienced significant growth in its early years, expanding its operations and team size.[4]
Development and Growth
[edit]The company initially focused on developing practice management software for healthcare providers.[5] Through strategic acquisitions and expansion, Practo developed a comprehensive digital healthcare platform:
- 2015: Acquired Insta Health Solutions (hospital information systems)
- 2015: Acquired Qikwell (appointment scheduling)
- 2015: Acquired FitHo (digital wellness)[6]
Funding and Financial Performance
[edit]The company has raised several rounds of funding from international investors. Notable investments include:
- 2017: $55 million Series D round led by Tencent[7]
- Other investors include Sequoia Capital, Google Capital, and Altimeter Capital[3]
Services
[edit]Practo offers services for both healthcare providers and consumers:
Healthcare Provider Solutions
[edit]- Practice management system
- Electronic health records
- Hospital information management
- Clinic management tools
Consumer Services
[edit]- Online doctor appointments
- Telemedicine consultations
- Electronic health records
- Medicine delivery[8]
Market Position
[edit]Practo operates in India's digital healthcare sector, which is projected to reach $21.3 billion by 2025.[9] The company competes with other digital health platforms including 1mg, PharmEasy, and Mfine.[10]
International Operations
[edit]The company has expanded into several Southeast Asian markets.[11]
Challenges and Controversies
[edit]Data Privacy Issues
[edit]In 2019, medical professionals raised concerns about Practo's handling of patient data. While the company stated it follows international privacy standards, critics questioned the adequacy of data protection measures.[12]
Content Moderation
[edit]The platform faced criticism in 2019 for listing treatments for homosexuality as a medical condition. After public backlash, Practo removed the listings and issued an apology.[13]
See also
[edit]References
[edit]- ^ "Indian health-tech industry's evolution boosted by digital adoption". The Economic Times. 8 March 2022. Retrieved 29 December 2024.
- ^ "Practo revenue up 20% to Rs 216 crore in FY22". The Economic Times. 16 December 2022. Retrieved 29 December 2024.
- ^ a b Chakraborty, Sayan (16 May 2017). "Can Practo take the next big leap forward?". Livemint. Retrieved 17 September 2019.
- ^ "Practo: The crown prince of Indian healthcare startups". Business Standard. 23 January 2015. Retrieved 29 December 2024.
- ^ "The State Of India's Healthcare Digital Reset". Forbes India. 15 March 2021. Retrieved 29 December 2024.
- ^ Peerzada Abrar (24 September 2015). "Practo becomes world's largest appointment booking platform, acquires Qikwell". The Hindu. Retrieved 17 September 2019.
- ^ "Healthcare startup Practo raises $55M Series D led by Tencent". TechCrunch. 17 January 2017. Retrieved 29 December 2024.
- ^ "Digital health platforms see surge in teleconsultations". Business Standard. 19 May 2021. Retrieved 29 December 2024.
- ^ "Indian health-tech market to grow to $21.3 bn by 2025: Report". Business Standard. 20 July 2021. Retrieved 29 December 2024.
- ^ "Indian healthtech startups face growing pains amid funding winter". Reuters. 14 June 2023. Retrieved 29 December 2024.
- ^ "Practo expands its digital healthcare platform to Southeast Asian markets". The Hindu Business Line. 15 February 2023. Retrieved 29 December 2024.
- ^ Sathe, Gopal (9 May 2019). "Is Your Medical Data Safe With Apps? Some Doctors Don't Think So". HuffPost India. Retrieved 27 June 2020.
- ^ Kulkarni, Prachee (25 January 2019). "Homosexuality 'cures' on Practo spark LGBTQIA community's ire". Pune Mirror. Retrieved 27 June 2020.
External links
[edit]