Sequoia Capital invests $4.6M in online clinic management platform Practo
Bangalore-based Practo Technologies Pvt Ltd, a web-based clinic management software developer, has raised Rs 25 crore (around $4.6 million) from Sequoia Capital in a Series A round of funding. Practo's flagship product is Practo Ray, a web-based software tool which provides automated appointment scheduling and storage of healthcare records including X-rays, files, prescriptions and billing. Practo's platform currently manages 10,000 appointments per day, with 8,000 doctors at 5,000 dental, wellness and other healthcare centres across India.
The money raised will be used to launch its various products globally and expand Practo's 80-member team to around 350 over the next two years.
Shailendra Singh, managing director of Sequoia Capital India, said in a statement, "In a short span of time, Practo Ray has become the preferred platform for thousands of doctors to book appointments, issue prescriptions and store patient records, and millions of patients can now access their appointments and health records online or through their mobile devices.
"We believe Practo has the potential to become the dominant Cloud-based healthcare platform in India and we are excited about the new services that Practo is planning to launch on top of the robust platform it has already built," he added.
Practo has recently launched Practo.com that helps patients find doctors and connect with them through their dedicated online interface. It provides customised search options and shares details on doctors and clinics. In addition, the company has also launched an online API for partners to launch other online services that doctors and clinics may use. Several pharma companies and healthcare vendors are currently building applications on the Practo API.
Practo's founder Shashank ND said in a statement, "The idea to create Practo Ray â€“ our online software for clinic management, came out of our understanding of the doctor's pain in managing patient records, scheduling appointments, etc. This prompted us to initiate an easy-to-use, technology-driven service that allows efficient patient care."
(Edited by Sanghamitra Mandal)