[Funding alert] Bengaluru-based Practo looking to raise Rs 60 Cr in debt from Trifecta
Bengaluru-based telemedicine and mobile health startupis looking to raise about Rs 60 crore in debt funding from Trifecta Venture Debt Fund - II in six tranches.
According to the MCA filings, Practo has already received the first tranche amounting to Rs 15 crore.
The filings revealed that Practo is looking to issue 600 unlisted, secured, redeemable, non-convertible debentures.
According to reports, the company last raised $32 million in August 2020 in a round led by A1A Company.
Upon YourStory’s enquiry, Practo declined to officially confirm and comment on the development.
This development comes at a time when the company recently announced its ‘Corporate Suraksha’, a corporate vaccination programme for companies across India. As a part of this initiative, corporates will be able to enlist their employees and their family members for COVID-19 vaccination.
“Over 500 corporates have expressed interest in joining the programme in the first phase. Practo will be setting up camps and working with its strong network of hospitals, vaccinators, and supply chain companies among others in the healthcare ecosystem, to initiate the drive. In the coming days, vaccination programmes will be run at hospitals while special camps will be set up at corporate offices in 30+ cities across the nation,” the company said in a statement.
The COVID-19 pandemic has definitely accelerated the demand and acceptance of telemedicine services.
According to the 2020 report titled “Reinventing Healthcare Delivery With Telemedicine” by Telemedicine Society of India (TSI) and Practo, India recorded a 3X increase in the number of people using online consultations, while in-person appointments have reduced by 32 percent between March to November 2020.
Amid increasing demand for teleconsultations, the company also recently launched online consultations in 15 Indian languages in order to break the barrier between patients and doctors. Now, patients can choose doctors who can speak in their preferred language.
Edited by Saheli Sen Gupta