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Exclusive: Healthcare startup Practo reduces workforce

EntrackrEntrackr · 1y ago
Exclusive: Healthcare startup Practo reduces workforce
Medial

The digital healthcare platform Practo is now among the several startups that have conducted significant layoffs to cut costs and focus on profitability, according to three sources familiar with the details. “Practo has laid off over 20% of its workforce earlier this week,” said one of the sources requesting anonymity. Practo has also confirmed that it has let some staff go. However, the company did not disclose the total number of workforce impacted. Last year, Practo laid off 41 employees mostly from the engineering team part of the company’s continuous performance management and planning process, amid funding winter. Practo has raised a total of $179 million to date, including a $55 million Series D round led by China’s Tencent, and other existing investors, at around a $600-650 million valuation. According to the startup data intelligence platform, TheKredible, Sequoia Capital is the largest stakeholder in Practo with 33.8% shares, followed by Tencent and AIA Hong Kong, which command 9.9% and 6.6% stakes, respectively. Founded in 2008, Practo connects doctors with patients and offers several ancillary services such as telemedicine, pathology, and medicines. The platform claims to have 150,000 doctor partners, and around 1.7-1.8 million annual visitors to its platform. It is present across 720 cities, and 13,900 pin codes across 20 countries. Practo also claims to be profitable in the ongoing fiscal year. In FY23 the healthcare startup posted flat revenue at Rs 211 crore whereas its loss dwindled by 58% to Rs 99.4 crore during FY23.

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Practo appoints Jagnoor Singh as chief operating officer

EntrackrEntrackr · 4m ago
Practo appoints Jagnoor Singh as chief operating officer
Medial

Practo appoints Jagnoor Singh as chief operating officer Health services platform Practo has announced the appointment of Jagnoor Singh as its Chief Operating Officer (COO). According to Practo, this appointment aligns with its vision of improving health outcomes while building a profitable, innovative, and user-focused business. Jagnoor will focus on establishing robust processes, ensuring seamless execution, and driving accelerated growth. He will lead go-to-market (GTM) strategies, deepening penetration in existing markets and expanding into new ones. Singh brings over 16 years of leadership experience from Airtel, OYO, Mondelez, and Unacademy. He has deep expertise in sales, marketing, and business development, with a proven track record of implementing structured, scalable processes that enhance execution, optimize operations, and drive exponential growth. In his new role, Jagnoor will work closely with Shashank ND, Co-founder & CEO of Practo, to expand the company’s footprint and accelerate its reach, driving impact in the healthcare sector. Jagnoor Singh, on his appointment as Chief Operating Officer, said, “I am truly honored to join Practo at such a pivotal moment for the healthcare industry. Practo’s focus on improving health outcomes and its tech-first approach resonate deeply with me as we build impactful solutions that benefit both patients and providers. I look forward to contributing to Practo’s journey by building strong teams and implementing strategies that drive sustainable growth.” Practo aims to enhance health outcomes by enabling patients and healthcare providers to make informed decisions. The platform leverages computer science and data science to ensure that every interaction contributes to better health results. Practo claims to operate in 22 countries, connecting over 40 crore patients with more than 500,000 doctors and healthcare providers across more than 700 cities.

Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%

EntrackrEntrackr · 5m ago
Practo delivers 3,500 Cr GMV in FY24; narrows EBITDA losses by 82%
Medial

Practo surpassed a GMV (gross merchandise value) of over Rs 3,500 crore in the fiscal year ending March 2024. The company also recorded a 22% year-on-year increase in operating revenue, while operating EBITDA losses reduced by 82% during FY24. Practo’s revenue from operations increased to Rs 240 crore in FY24, reflecting a 22% increase when compared to FY23, the company’s press release shows. Practo helps patients find and connect with the right healthcare providers. It is a platform to find quality & verified healthcare services enabling patients to make informed decisions through an array of processes such as audits of facilities, verification of doctors credentials, merit-based scoring system for providers, patient reviews etc. It also provides software for hospitals and clinics to improve the efficiency of facilities. According to the blog post on the company’s website, it has served over 54 million patients across 642 cities and has done more than 600 healthcare establishment (hospital) audits during the previous fiscal. Practo’s focused approach to its core India business resulted in a 68% CAGR (compound annual growth rate) between FY22 and FY24, while its contribution margin improved significantly, rising from -1% in FY22 to 40% in FY24, according to the press release. “Our goal has always been to improve healthcare outcomes while building a sustainable business. Our sharp focus on the core business has driven exceptional results. Practo is excited to continue this momentum, with ambitious plans for growth with profitability in the coming year”, Shashank ND, Co-founder and CEO, of Practo, added. The growth and controlled expenditure helped Practo to reduce its EBIDTA losses by 82% to Rs 17 crore in FY24 from Rs 99.4 crore in FY23. As per the company, the last quarter (Q4) of FY24 was profitable and claimed profitability over the preceding 12 months ending September 2024. Practo is also exploring global expansion to extend its healthcare services beyond India. Practo has raised a total of $179 million to date from investors including Peak XV Partners, Matrix Partners (Z47), Tencent, and AIA. It competes with Pristyn Care-owned Lybrate, Medibuddy, and Healthians, among others.

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