Bengaluru-based health-tech pioneer Practo is in advanced discussions to raise between $100 million and $125 million in a pre-IPO funding round.
The round, which is expected to be a combination of equity and debt, reportedly values the company at approximately $700 million (post-money). This valuation is particularly notable as it reflects a “down round” compared to its peak unicorn valuation of $1 billion in 2017, but marks a recovery from its 2020 valuation of roughly $418 million.
IPO Timeline & Strategy
While Practo was initially assessing a 2025-2026 listing, its current strategy has shifted to accommodate a more stable market entry.
- Target Debut: The company is now understood to be planning an Initial Public Offering (IPO) in the second half of 2026 or early 2027.
- Domicile Shift: As part of its IPO preparation, Practo is in the final stages of shifting its legal base from Singapore back to India. This “reverse flipping” process is expected to be completed by the end of February 2026 to comply with domestic listing requirements.
- Bank Selection: The firm has reportedly begun early-stage discussions to appoint bankers and advisors for the listing process.
Financial Performance (FY25)
The pre-IPO interest is backed by a significant “turnaround” in Practo’s financial health over the last fiscal year:
| Metric | FY2024 (Actual) | FY2025 (Projected/Audited) | Status |
| Operating Revenue | ₹240 Crore | ₹234 Crore | Slightly Down |
| EBITDA | (₹17 Crore) Loss | ₹15 Crore Profit | Turned Profitable |
| Hospitals in Network | ~50,000 | 1.5 Lakh+ | 180% Growth |
Key Investors & Use of Funds
A global private equity firm is expected to lead this $100M+ round, with participation from existing backers such as Tencent, Peak XV Partners (formerly Sequoia India), Z47 (formerly Matrix Partners India), and Sofina.
The fresh capital will reportedly be used for:
- Strategic Acquisitions: Consolidating smaller players in the diagnostics and specialized secondary-care segments.
- Product Expansion: Scaling “Practo Assured” and its co-branded dermatology clinics, which now number over 40 across India.
- International Pilot: Expanding the gross merchandise value (GMV) of its U.S. and UAE operations.
The Health-Tech “IPO Wave”
Practo is joining a growing queue of Indian health-tech firms aiming for the public markets in late 2026, including Pharmeasy (following its debt restructuring) and Healthium Medtech. Analysts suggest that Practo’s move into EBITDA positivity makes it a much stronger candidate for a successful listing compared to its loss-making peers.
