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Practo

Exclusive: Practo to foray into financial services

Practo

Practo had come into the limelight after being under the radar for a couple of years when the company closed fresh capital with a 50% haircut in valuation. While the company’s actual health couldn’t be ascertained as it didn’t file an annual financial statement since FY18, the company appears to be offering escrow accounts and lending to its partners.

According to three Entrackr sources, Practo is set to foray into financial services. “The company’s board has given approval and Practo may launch the new business line in the next three-four months,” said one of the sources on condition of anonymity.

Practo’s foray into financial services could also be noticed from the addition of new clauses into the main object clause. The company has passed a special resolution to carry the business of distributing financial products of all kinds and nature, to act as agent, dealer, business facilitator, direct sales agent, broker, distributor or representative of a bank, financial institution or mutual fund. 

Sources emphasised that addition of the new clause is largely positioned to offer lending services with third parties including non-banking financial corporations or NBFC and banks. Importantly, Practo also added a clause that would allow it to offer marketing services to promote third party products including but not limited to ads, sales material, brochures, pamphlets, campaign promotions, educational content et al.

Responding to Entrackr‘s queries, Practo denied its foray into financial services.

Founded in 2008, Practo connects doctors with patients and offers several ancillary services such as telemedicine, pathology and medicines. The company had raised $32 million after a gap of three years. Chinese life insurance conglomerate A1A Company led the round with the participation of Tencent (via Sky Blue Enjoy), Sequoia Capital and Sofina Ventures among a few others.

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Practo

Exclusive: Practo to foray into financial services

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Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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