14th June 2024- Practo, a leading healthtech startup, reported a notable turnaround in its financial performance for the fiscal year 2023-24 (FY24). The company announced an adjusted EBITDA loss of INR 17 Cr, marking a significant improvement from INR 162 Cr in the previous year. Notably, Practo achieved adjusted EBITDA positivity in the fourth quarter of FY24 and aims to sustain this momentum throughout FY25.
The startup attributed its positive performance to a focused approach on its core business, resulting in a 68% CAGR and enhanced operational efficiencies. Practo also saw a commendable 22% growth in revenue, reaching INR 242 Cr in FY24, with a substantial revenue surge in Tier-2 and Tier-3 markets.
Practo’s SaaS platform for hospital management, Insta, reported impressive metrics, including a 98% retention rate and cash flow positivity. Furthermore, the platform has gained significant traction globally, especially in the United Arab Emirates (UAE).
Looking ahead, Practo aims to strengthen its sales and customer growth engine while enhancing product offerings and brand investments to achieve double-digit growth in revenue and profit. The company plans to explore expansion into new geographic regions and leverage artificial intelligence (AI) to enhance its healthcare solutions.
Practo’s CEO, Shashank ND, emphasized the importance of data science in revolutionizing healthcare and expressed the company’s commitment to leveraging AI to improve health outcomes.
Founded in 2008, Practo offers telemedicine, doctor appointment booking services, and hospital management solutions. With over $228 Mn in funding and backing from prominent investors, Practo’s turnaround underscores its resilience and adaptability in India’s rapidly evolving healthtech landscape.
The successful turnaround comes after Practo’s strategic restructuring last year, indicating effective cost management and operational streamlining. As India’s healthtech market continues to grow exponentially, Practo’s positive trajectory positions it well for future growth and innovation.
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