‘Practro plans IPO soon’
It is aiming to turn profitable in next fiscal, says Shashank ND, Co-founder & CEO
New Delhi: Tencent-backed healthcare and diagnostics app Practo is aiming to turn profitable in next fiscal and is looking at a stock exchange listing with an initial public offering (IPO) soon, its co-founder and CEO Shashank ND said. Practo is looking to enhance presence in smaller cities and towns and leverage AI to analyse data and provide much better analysis and outcomes in healthcare. In an interview, Shashank said the startup is already cash flow positive.
“This year we will grow by a good healthy margin... Our EBITDA would have improved dramatically from last year. We will be near break-even this year and next year is when we really will be able to show significant profits.” Founded in 2008, Practo connects doctors with patients and offers several ancillary services such as telemedicine. Income from diagnostic and consulting services formed 50 per cent of the total operating revenue.
In the 2022-23 fiscal (April 2022 to March 2023), the Bengaluru-headquartered firm halved its losses to Rs 93.68 crore. Revenues grew 3 per cent year-on-year to Rs 194.53 crore and Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved 39 per cent.