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This is the second acquisition that Practo has made in less than three months. The eight-year-old healthcare technology startup had acquired FithoWellness, an NCR-based web and app-based fitness management platform, for an undisclosed sum in April 2015.As part of the deal, the 11-member team of Genii and its founders Varun Vohra and Aditya Anand will join Practo and move to Bengaluru. Genii’s founders will lead product teams and accelerate Practo’s entry into the enterprises space with products focused around hospitals, diagnostic centres etc.
Genii, incorporated in 2011, has launched 30 products across multiple domains including retail, finance, real estate, travel and events over the last three years.
"This is the second of the several acquisitions we are exploring. We believe that acquisitions are a fantastic way to add like-minded talent to our team. It gives us a fast way to scale and the ability to further accelerate our roadmap. We will continue to look at acquiring great talent and technology," Shashank ND, founder and chief executive of Practo, said in a release on Thursday.
Practo, which had raised $30 million (around Rs 190 crore) from Sequoia Capital and Matrix Partners in February this year, currently lists over 8,000 hospitals on its platform. It plans to expand this to more than 20,000 hospitals by the end of this year.
According to reports, Practo is said to have been in negotiations with Russian billionaire Yuri Milner and Google Capital, among others, for a funding of close to $60 million. When contacted, a Practo spokesperson said it was the company's policy not to comment on market speculation.
