Practo plans to raise $8.1 million in debt financing from Trifecta Venture

Practo
SaaS News -Practo-looking-to-raise-Rs-60-Cr-in-debt-from-Trifecta(source: SaaS Industry)
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Practo, Bengaluru-based telemedicine and mobile health startup, plans to raise Rs 60 crore (approx. $8.1 million) in debt financing from Trifecta Venture Debt Fund – II in six installments.


According to the MCA (Ministry of Corporate Affairs) filings, Practo has already received the first tranche amounting to Rs 15 crore (approx. $2 million). Practo intends to sell 600 unlisted, insured, redeemable, non-convertible debentures, according to the filings.

According to sources, the firm last raised $32 million in an A1A Company-led round in August 2020. When contacted by YourStory, Practo declined to confirm or comment on the development.

This news comes when the firm recently launched its ‘Corporate Suraksha,’ a corporate vaccine scheme for businesses across India. Corporates will be able to enroll their staff and family members for COVID-19 vaccines as part of this program.

Over 500 corporates have expressed interest in joining the program 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 programs will be run at hospitals while special camps will be set up at corporate offices in 30+ cities across the nation.

Practo

Reinventing Healthcare Delivery with Telemedicine” by the Telemedicine Society of India (TSI) and Practo, between March and November 2020, India saw a triple rise in the number of people using online doctor consultations, while in-person appointments decreased by 32%. 

According to the 2020 study

In response to the demand for teleconsultations, the organization recently unveiled online consultations in 15 Indian languages to help patients and doctors communicate more effectively. Patients will also choose physicians who can communicate with them in their preferred language.

The COVID-19 pandemic has accelerated demand for and adoption of telemedicine facilities.

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