By Rishika Sadam
(Reuters) -Practo, an Indian healthcare services platform connecting doctors and patients, wants to double its revenue from international business in the next three years as it expands into developed markets, a top executive told Reuters.
Founded in 2008, the Bengaluru-based firm gets about 20% of its revenue from international markets, where its bigger presence is through its software management service for hospitals in South East Asia, the Middle East and Africa.
The company aims to double this revenue stream in the next two to three years but mostly via the consumer-facing platform, which currently is present only in Dubai, Sharjah and Abu Dhabi, outside of India.
This expansion will aid double-digit overall revenue growth, CEO Shashank ND told Reuters last week.
Practo’s revenue jumped 22% to 2.4 billion rupees ($28 million) in fiscal 2024.
“…If you look at Canada and Australia or any of the western markets … there isn’t … technology that has led to better health outcomes from a doctor-marketplace standpoint. And that’s where we see a very wide open field,” said Shashank, who goes by his first name.
Practo is also working on going public in India, he added, without specifying a timeline.
The company, which achieved profitability in the March 2024 quarter, was valued at $418 million as of April 2022, according to data from market intelligence platform Tracxn.
The COVID-19 pandemic gave the platform a boost due to a shift in people’s mindset that prompted them to consult doctors regularly, Shashank said.
“Before COVID, it was more challenging. It took us a lot more time to convince providers to see the benefits of digital. But after COVID, I must say that it’s a reverse effect. We have a lot more pull from the supply side.” ($1 = 85.3700 Indian rupees)
(Reporting by Rishika Sadam; Editing by Janane Venkatraman)
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