SIXTEEN IS THE age when students aiming to become doctors are entering the maws of NEET, the allIndia entrance examinations that decide whether they are fit to take a shot at getting the MBBS stamp. Now 16 going on 17, it's Practo's time to think if it is prepared for a date with the market. The doctoron-call app that began life as a tool to help doctors handle their appointments, has put the 2020 Covid-19 pandemic's disruption behind it and shrunk its losses by half. With over 150,000 doctors on board, Practo is now dabbling with artificial intelligence (AI).
Practo's FY24 results may set it on the path to an initial public offering (IPO). Over the past four financial years, Practo has grown revenues, although it is still losing money. Revenue increased from ₹105 crore in FY21 to ₹240 crore in FY24. It has brought down operational losses, with Ebitda or earnings before interest, taxes, depreciation, and amortisation going from-₹87 crore to -₹32 crore, and adjusted Ebitda losses decreasing from ₹82 crore to ₹18 crore.
The adjusted Ebitda margin as a percentage of revenue has improved, moving from -78.10% to -7.50%, indicating a positive shift in operational efficiency and cost management.
INSPIRATION
The results have charged up Practo's founders, Shashank N.D (37), Abhinav Lal (36), and Siddhartha Nihalani (37), who were all fresh information-technology (IT) graduates from the National Institute of Technology Karnataka at Surathkal, when they coded Practo in 2008.
"What started in our dorm rooms has grown over the past 16 years," Shashank, who is also the CEO of Practo, says. As a student, Shashank had to help his father undergo several surgeries and got to see some doctors up close. "I saw the surgeon's dedication and how much work he put in for each patient before and after appointments," Shashank says.
This story is from the October 13, 2024 edition of Business Today India.
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This story is from the October 13, 2024 edition of Business Today India.
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