Practo, a leading digital healthcare company, has achieved a gross merchandise value (GMV) of ₹3,500 crore for the fiscal year ending March 2024. This achievement marks the company’s robust growth strategy and operational efficiency in the competitive healthcare sector. In addition to this impressive GMV, Practo also recorded a 22% year-on-year increase in operating revenue, indicating its commitment to enhancing healthcare accessibility for patients.
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Practo’s operations revenue stood at ₹240 crore in FY24. The growth has been heavy, though less compared to the immediate previous fiscal year. The total business in India remained a focused core for the company, which grew at an impressive 68% compounded annually over FY22-FY24. Resources have been effectively made use of to foster growth while maintaining a strong emphasis on profitability and operational excellence.
The most notable achievement for Practo in FY24 is the dramatic reduction of its EBITDA losses by 82%, from ₹99.4 crore in FY23 to just ₹17 crore. This reduction in losses speaks of Practo’s improved operational efficiencies and controlled expenditure. The company has reported that the last quarter of FY24 was profitable, claiming profitability over the preceding 12 months ending September 2024. This positive trend positions Practo favorably for future growth and sustainability.
Practo acts as a platform connecting verified healthcare providers to patients. Through rigorous audits and merit-based scoring for health services, the company empowers patients to make informed decisions. The company has served over 54 million patients across 642 cities and audited more than 600 health care establishments in the last fiscal year. Quality and transparency in healthcare services have established the reputation of Practo in the industry.
According to Shashank ND, Co-founder and CEO of Practo, the company was moving in the right direction. Their objective has always been to better healthcare outcomes with a sustainable business. Sharp focus on core business has yielded great results. Practo is excited to continue this momentum, with ambitious plans for growth with profitability in the coming year. The company is exploring opportunities for global expansion to extend its healthcare services beyond India, indicating a strategic vision for future growth.
To date, Practo has raised a total of $179 million from prominent investors, including Peak XV Partners, Matrix Partners (Z47), Tencent, and AIA. The company faces competition from other healthcare platforms such as Lybrate, Medibuddy, and Healthians, but its focus on quality and efficiency sets it apart in a crowded market.
Achievements of Practo in FY24: Beating the target GMV figure of ₹3,500 crore, EBITDA loss is going narrower. Stronger operational efficiency strategies and enhancing the access for good health support in its continued process have played as significant successes. These plans from here onwards may turn to the success path towards making Practo maintain its continued growth path to leadership in digital health care in a better future position.
