Prescription for profit: IPO-bound Practo shows digital health can scale with impact
Healthcare platform Practo posts ₹15 crore EBITDA in FY25, with 30%+ CAGR in gross margins across its core care navigation business over three years, as it doubles down on AI, outcomes, and global expansion.
Digital healthcare platform Practo has reported its first full year of profitability in its FY25 Annual Letter, marking a key milestone in its 17-year journey. The company posted an operating EBITDA of Rs 15 crore for FY25, along with Rs 234 crore in revenue and Rs 3,500 crore+ in gross merchandise value (GMV). This comes on the back of six consecutive quarters of positive earnings and reflects a broader shift towards sustainable growth in the Indian digital health sector.
The company attributed the performance to steady growth in its core ‘Care Navigation’ business, where gross margins grew at 30%+ CAGR over the last three years, and improved contribution margins, which rose from 40% in FY24 to 46% in FY25. The company also reported positive cash flows and Rs 15 crore in operating EBITDA for FY25, marking a 109% turnaround from a Rs 162 crore loss in FY22 — a clear indicator of the company’s sharper operational focus and financial discipline.
Practo's international growth story picks up
In May 2025, Practo launched consumer-facing services in the UAE (Abu Dhabi, Dubai, and Sharjah), building on a decade-long presence in the region via its hospital-management platform, Insta by Practo.
In weeks, the platform onboarded over 50,000 monthly users, listed 31,000+ doctors across 3,000+ clinics, and crossed a Rs 100 crore GMV annual run rate. The company is on track to reach 10% annual user penetration in Dubai, signaling strong demand for integrated healthcare discovery tools backed by insurance data and cross-border access between Indian and UAE patients and providers.
Impact beyond numbers
While the financial turnaround is notable, Practo is now increasingly focusing on improving access, quality, and outcomes:
- 50 million+ patients served across 640+ cities
- 5 lakh+ verified doctors onboarded
- 40 million+ structured data points powering navigation and insights
- 1,000+ medical establishments audited for quality assurance
In FY25, the company also began publishing Patient-Reported Outcome Metrics (PROMs), a first in Indian digital healthcare. As many as 78% of telemedicine and 80% of physical consultation users reported recovery within three weeks (including those who did not follow treatment plans).
Practo says this transparency is a starting point — and is inviting the larger ecosystem to co-build better care benchmarks.
What FY26 looks like for Practo
With six profitable quarters behind it, Practo has laid out three clear priorities:
- Use AI to improve outcomes — for patients and doctors alike
- Double international revenue, building on UAE traction and new pilots in other developed markets
- Grow profitably — with continued focus on double-digit core business growth
The company is embedding AI across its patient and doctor journeys, from smart search and symptom triage to improving practice efficiency for providers.
Through the Practo Foundation’s #Mission10kCataracts program, the company is working to restore vision for underserved communities. In FY25, it enabled 700 free cataract surgeries, impacting 1,200+ lives. In FY26, the target is 1,000 surgeries, with a focus on Karnataka and Telangana.