China-based Tencent led the USD90 million investment in Practo, a health and medical information provider in India.
On the completion of the investments, Practo's total financing amount will reportedly reach USD124 million and its investors include Google Capital, Sofina, Sequoia Capital, Altimeter Capital, Matrix Partners, and Russian billionaire Yuri Milner.
This is one of Tencent's few investments in India. Prior to this, the Chinese Internet giant invested in India's leading mobile wallet service provider Paytm.
Practo provides consumers with an online search tool, which can help them find professional information about dentists and doctors. Its website and mobile app can filter information based on locations, consulting fees, and other indicators. The company also provides a paid service named Practo Ray, which can help clinics build digital processing of schedules, inventory, and billing. The company plans to use the financed capital to expand into new markets.
Shashank N.D., founder and chief executive officer of Practo, said that they are striving to develop a medical application that can help people make medical decisions for themselves and their relatives, so as to help them live more healthily.
Practo currently has about 1,500 employees around the world and the company has offices in India, Singapore, and the Philippines. Over the next 12 months, the company plans to add 1,000 employees and expand into more markets in Europe, Latin America, the Middle East, and Asia.