Company Profile is an initiative by ListMystartUp to publish verified information on different startups and organizations. The content in this post has been approved by Practo.
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 a big problem 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 startup is an online platform 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 startup story below to know about how it succeeded.
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 is a trusted and familiar home for its users to provide them with a healing touch. In the beginning, it was known as Turbodoc. Practo history started with the platform being 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. But the practo story does not end there as 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.
Practo India is now a free service for both doctors and patients. It assures its users to find paths to live healthier. Practo valuation is estimated to be over $300 to $310 million as of 2020.
Practo - Founders And Team
Shashank ND and Abhinav Lal are the Practo founders.
Shashank ND is not only the founder but also the current Practo CEO. His CB Rank as a person is 1633. To date, he has only found one organization. He pursued his B.TECH degree from the National Institute of Technology. He is the main practo app owner, who 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 Practo founder and the current CTO of the company. He also pursued his B. TECH from the National Institute of Technology. He knows only two languages which are Hindi and English.
Abhinav Lal (left) and Shashank ND (right)
Practo - Startup Story
While all the others were taking up jobs through placements, Shashank ND and Abhinav Lal (practo owners) thought of beginning an entrepreneurial journey and this is how practo startup story started. Of course, this was a very risky decision but they found their option better than getting a job from their placements. Practo launch date was on March 2013 and since then the company has only reached heights.
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. Practo success story shows how it became one of the biggest healthcare startups in the country.
Practo - Business Model
The app allows its users to search for doctors, diagnostic labs, book Practo appointments, consult with doctors online and order medicines. Practo business model is a cloud-based and subscription-based practise management software for clinics and doctors.
The Practo market share in India is estimated to be 90%. Basically, healthcare service providers are using information systems that 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 a practo 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. The apps interface and practo login is designed in a way that is easy to use and navigate.
Practo - Revenue Model
The Practo revenue model centres around the medical providers (clinics) and Practo makes most of its 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. Practo revenue 2020 was estimated to be Rs 124.3 crore, while Practo net worth is valued at $500 in 2021. The platform is created enables doctors to save some valuable time. They are growing their business meaningfully and having more patients day by day. The revenue of practo is generated mainly from its app that has got a feet-on-ground sales strategy.
It is expensive but effective at the same time. Independent doctors and small clinics are the main targeted products of this company. The practo app also reduces some transaction costs for its consumers to enjoy network effects on this platform.
Practo - Tagline, Slogan And Logo
The Practo tagline is 'Your Home for Health'. It's designed to serve its consumers with the best. Its target is to promote simplicity to its customers.
While the Practo 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 funding has raised a total amount of $228.2 Million over seven rounds. But now the company is looking to raise over Rs 60 crore in debt funding from an investor, Trifecta Venture Debt Fund. The funding is said to be in six tranches, while according to the MCA filings the health tech platform has already received the first tranche amounting to Rs 15 crore in May 2021. The last Practo funding was in August 2020, when it raised $32 million in a funding round led by A1A Company.
Among the Practo investors, Trifecta Venture Debt Fund, 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 Practo competitors in India are Portea, Goqii and Lybrate. Let's look below at the comparisons drawn about.
Lybrate is among the top Practo competitors as it 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 of 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. Besides that, the company also recently launched online doctor consultations in 15 different Indian languages in order to bridge the language gap between patients and doctors. Now, patients can opt for a doctor that will speak in their preferred language.
Frequently Asked Questions
What is Practo?
Practo is a healthcare startup that helps consumers to find the best doctors, book instant appointments, consultations and make better, more informed health decisions.
Is Practo good for doctors?
Practo has you covered with answers to all your primary questions. It shows a doctor's qualification, experience, clinic timings, consultation fees and approx distance from your location.
Is Practo free for doctors?
The listing on Practo comes absolutely free and is independent of other paid Practo products.
Who are the Practo competitors in India?
The top Practo competitors in India are Portea, Goqii and Lybrate.
When was Practo founded?
Practo launch date was on March 2013 and since then the company has only reached heights.
Is Practo an Indian company?
Yes, Practo is an Indian health tech startup.
