Insurance group AIA has invested $20m to lead a $32m funding round for Practo, the India-based operator of a medical appointment booking platform.
The round included $5.3m from SkyBlue Enjoy Investment, a subsidiary of internet group Tencent, and $3m from CapitalG, the growth equity arm of internet technology conglomerate Alphabet. The corporates were joined by Matrix Partners, RTP Global, Sequoia Capital and Sofina Ventures.
Practo has created an online platform that helps healthcare providers conduct teleconsultations. It also enables patients to book appointments with doctors, access their medical records and remotely order medicines.
The round valued the company at roughly $310m post-money according to business data aggregator Fintrackr, half that of its $55m series D in 2017, which was led by Tencent and backed by Capital G, staffing firm Recruit’s RSI Fund, Altimeter Capital, Matrix Partners, Ru-Net, Sequoia Capital, Sofina and Thrive Capital.
Tencent had already led Practo’s $90m series C round in August 2015, investing alongside CapitalG , Altimeter Capital, Sequoia Capital, Sofina, Matrix Partners and Yuri Milner.
Sequoia Capital and Matrix Partners had previously taken part in a $30m series B round for the company six months earlier that came after Sequoia had invested $3.9m in 2012.
