Practo Business Model of Doctor Bookings and Clinic Software
How bookings, online consults and software bring money into Practo.
Key Takeaways
- Practo's FY25 revenue was ₹234 crore, against ₹242 crore in FY24.
- FY25 operating EBITDA was ₹15 crore, after a ₹17 crore adjusted EBITDA loss in FY24.
- International markets gave about 20% of Practo's FY25 revenue.
- Its contribution margin rose from 40% in FY24 to 46% in FY25.
Table of Contents 12 sections
The Practo business model connects patients with doctors, clinics and hospitals, and sells software that those providers use to run their work. In FY25 Practo reported revenue of Rs 234 crore and operating EBITDA of Rs 15 crore, its first full year of positive operating EBITDA.
Practo is a private company based in Bengaluru. In September 2026 it named Jagnoor Singh as CEO, and co-founder Shashank ND became managing director and executive chairman.
Practo at a glance
| Detail | Practo |
|---|---|
| What it does | Doctor discovery and booking, online consultations, clinic and hospital software, health plans for employers and insurers |
| Founded | 2008, Bengaluru |
| Founders | Shashank ND and Abhinav Lal |
| Revenue (FY25) | Rs 234 crore |
| Operating EBITDA (FY25) | Rs 15 crore |
| GMV (FY25) | Over Rs 3,500 crore |
| Doctors | Over 5 lakh verified doctors onboarded (FY25) |
| CEO | Jagnoor Singh, since September 1, 2026 |
| Listing | Private company; began preparing for an IPO in FY25 |
What Practo does
Practo runs an app and website where people search for doctors, clinics and hospitals, read verified profiles and reviews, and book an appointment. It also offers online consultations by video, audio or chat across more than 20 specialities, with free follow-ups for 7 days.
On the provider side, Practo sells software. Practo Ray helps clinics manage appointments, billing and patient records, and Insta is a hospital management system used in India and abroad. Practo also sells health services to employers, insurers and brokers, who offer them to their staff and members.
How does Practo make money
Practo earns from patients, from doctors, clinics and hospitals, and from employers and insurers. In FY25 India gave about 80% of its revenue and international markets about 20%.
Practo revenue model, stream by stream
- Care navigation. Practo's network of verified doctors, clinics and hospitals, with instant bookings, that helps patients choose a treatment, a doctor and a hospital.
- Virtual care. Online consultations with doctors, available 24/7, with digital prescriptions.
- Software for providers. Practo Ray for clinics and Insta for hospitals.
- OPD offerings for payors. Consultations, medicine delivery, diagnostic tests, health checkups and wellness programmes for employers, insurers and brokers.
Practo reported over Rs 3,500 crore of gross merchandise value (GMV) in FY25. GMV is the total value of transactions on the platform, which is much larger than the revenue Practo keeps.
Practo's international business
Practo launched Practo.com for patients in the UAE in May 2025. By August 2025 it had over 3,000 clinics and 31,000 doctors listed there, over 50,000 monthly active users and an annual GMV run rate of Rs 100 crore.
After a pilot in 2025, Practo announced its US launch in January 2026, with over 200,000 doctors listed. It said over 500 doctors across more than 150 clinics, hospitals and practices were paying for subscriptions, and that the US platform had crossed an annualised GMV run rate of $75 million.
Practo's Business Model Canvas
The canvas puts the Practo app business model on one page: who it serves, what it offers, how it reaches people and where its money comes from.
Is Practo profitable
Practo's revenue rose from Rs 195 crore in FY23 to Rs 242 crore in FY24, and was Rs 234 crore in FY25.
Its EBITDA moved from an adjusted EBITDA loss of Rs 162 crore in FY22 to an adjusted EBITDA loss of Rs 99 crore in FY23 and Rs 17 crore in FY24. In FY25 it reported operating EBITDA of Rs 15 crore and positive cash flow. EBITDA is earnings before interest, tax, depreciation and amortisation.
| Year | Revenue (Rs crore) | EBITDA (Rs crore) |
|---|---|---|
| FY23 | 195 | Adjusted EBITDA loss of 99 |
| FY24 | 242 | Adjusted EBITDA loss of 17 |
| FY25 | 234 | Operating EBITDA of 15 |
In September 2026 Practo said it was growing at 40% year on year and had been profitable for the past two and a half years.
Practo's contribution margin
Contribution margin is the share of revenue left after the costs tied directly to each sale. Practo's contribution margin was minus 1% in FY22, 40% in FY24 and 46% in FY25.
Practo's journey so far
| When | What happened |
|---|---|
| 2008 | Shashank ND and Abhinav Lal start Practo |
| 2015 | Acquires Insta, a hospital management system |
| May 2025 | Launches Practo.com for patients in the UAE |
| FY25 | First full year of positive operating EBITDA, Rs 15 crore |
| January 2026 | Announces US launch, with over 200,000 doctors listed |
| September 2026 | Jagnoor Singh becomes CEO; Shashank ND becomes managing director and executive chairman |
Practo competitors in India
Practo's rivals include Apollo 24|7, Tata 1mg and MediBuddy, which also offer online doctor consultations.
Where Practo stands now
- Revenue. Revenue was Rs 234 crore in FY25, against Rs 242 crore in FY24.
- IPO timing. Practo began preparing to go public in FY25 and has not announced a listing date.
- New markets. Practo announced its US launch in January 2026, after a pilot there in 2025.
Conclusion on the Practo business model
The Practo business model helps patients find, book and consult doctors, and sells software that clinics and hospitals use to run their work. Its money comes from patients, providers, employers and insurers, with about 80% of FY25 revenue from India and about 20% from international markets.
In FY25 Practo reported Rs 234 crore of revenue, Rs 15 crore of operating EBITDA and over Rs 3,500 crore of GMV.
