India-based Practo, a startup that helps consumers locate doctors and healthcare information, has closed a $55 million Series D funding round that will fuel an expansion into more emerging markets worldwide.
The investment is led by Tencent, the Chinese internet giant that led Practo’s $90 million Series C in 2015, with participation from three new backers: Russia’s Ru-Net, RSI Fund (from Japan-based Recruit) and New York’s Thrive Capital. Existing investors Sequoia, Matrix, Capital G (formerly Google Capital), Altimeter Capital and Sofina also put in. The round takes Practo’s total sum raised from investors to around $180 million.
Practo has come a long way from raising seed funding in 2011, but despite that progression and a promising business developing overseas, its CEO isn’t focusing on exit options quite yet.
“This [round] gives them enough run way to last a while, there’s no current timeline for an IPO,” Shashank ,the CEO told TechCrunch. “We still see this industry as just opened up, technology as a utility in healthcare is just starting out, so we have a lot of potential to grow.”