Practo Achieves Milestones in Digital Healthcare
Digital healthcare enterprise Practo has surpassed a GMV (Gross Merchandise Value) exceeding Rs 3,500 crore for the fiscal year ending March 2024. The company has also reported an impressive 22% year-on-year rise in operating revenue, while its operating EBITDA losses decreased by 82% during the fiscal year 2024.
According to a company press release, Practo’s revenue from operations reached Rs 240 crore in FY24, marking a 22% increase compared to FY23.
About Practo’s Services
Practo assists patients in locating and connecting with suitable healthcare providers. The platform provides access to quality and verified healthcare services, empowering patients to make informed choices through various processes, including:
- Facility audits
- Verification of doctor credentials
- Merit-based scoring system for providers
- Patient reviews
Additionally, Practo offers software solutions for hospitals and clinics aimed at enhancing operational efficiency.
Patient Reach and Audit Statistics
As highlighted in a blog post on the company’s website, Practo has served over 54 million patients across 642 cities and has conducted more than 600 audits of healthcare establishments (hospitals) during the past fiscal year.
Impressive Growth Metrics
Practo’s dedicated approach to its primary business in India has led to a remarkable 68% CAGR (Compound Annual Growth Rate) from FY22 to FY24. Furthermore, its contribution margin saw a significant improvement, increasing from -1% in FY22 to 40% in FY24, as reported in the company’s press release.
Vision for the Future
Shashank ND, Co-founder and CEO of Practo, stated, “Our objective has always been to enhance healthcare outcomes while creating a sustainable business. Our concentrated focus on the core business has yielded exceptional results. Practo is eager to sustain this momentum with ambitious growth plans and profitability in the upcoming year.”
Financial Performance and Future Expansion
Thanks to strategic growth and controlled spending, Practo reduced its EBITDA losses by 82%, decreasing from Rs 99.4 crore in FY23 to Rs 17 crore in FY24. The company reported that the last quarter (Q4) of FY24 was profitable and claimed overall profitability in the past 12 months ending September 2024. Additionally, Practo is considering global expansion to broaden its healthcare services outside India.
Funding Highlights
To date, Practo has secured a total of $179 million from various investors, including:
- Peak XV Partners
- Matrix Partners (Z47)
- Tencent
- AIA
The company competes with several players in the market, including Lybrate (owned by Pristyn Care), Medibuddy, and Healthians, among others.