Bengaluru health-tech platform opens early talks with bankers for Practo IPO; FY24 revenue at INR 240 crore, loss narrowed to INR 17 crore
Practo Technologies is preparing to list in India in the second half of 2026, with early-stage discussions underway to appoint advisers as soon as next month. The company also plans to shift its Singapore holding entity back to India to smooth a domestic listing, with the re-domicile expected by February, according to a report.
A formal mandate to investment bankers and details of size or valuation are yet to be finalised and could change, the report added.
Practo IPO: Financial Performance & Path to Profitability
Practo reported revenue of about INR 240 crore in FY24, up 22% year-on-year from roughly INR 195 crore in FY23, even as net loss narrowed to INR 17 crore from INR 99 crore. The company also disclosed a gross merchandise value (GMV) of about INR 3,500 crore for FY24 and highlighted that it had delivered consecutive profitable months through September 2024.
In FY25, the platform said it posted operating EBITDA profit of INR 15 crore, supported by positive cash flows, with revenue around INR 234 crore and GMV steady at INR 3,500 crore. Practo has reported six consecutive profitable quarters.
“Our goal has always been on improving healthcare outcomes while building a sustainable business,” co-founder and CEO Shashank ND said in a company statement earlier this year, as the firm emphasised focus on core businesses such as software, appointments and telemedicine.
Strategy and International Expansion
Beyond India, international operations account for about a fifth of Practo’s revenue—driven largely by its hospital software footprint in Southeast Asia, the Middle East and Africa. The company aims to double that share over the next two to three years and has explored new developed markets. “We are working on going public in India,” Shashank ND, said in May.
Practo’s investors include Peak XV (formerly Sequoia Capital), Matrix Partners and Tencent. The platform, founded in Bengaluru 17 years ago, helps patients find doctors and book appointments, and operates across more than 22 countries.
Outlook
The immediate milestones to track are banker selection, completion of the re-domicile to India by February, and subsequent steps towards a draft prospectus filing. Practo IPO plan comes amid a buoyant domestic primary market supported by retail participation and sustained mutual fund inflows, which have encouraged several consumer-tech firms to line up offerings.
At a glance
- Practo IPO timeline: Targeting H2 CY2026; early adviser talks on.
- Re-domicile: Singapore holding to shift to India by February.
- FY24 revenue: INR 240 crore, up 22% YoY; loss narrowed to INR 17 crore.
- FY25 operating EBITDA: INR 15 crore; positive cash flows reported.
- GMV: About INR 3,500 crore in FY24; steady into FY25.
- Footprint: Operations in 22+ countries; investors include Peak XV, Matrix, Tencent.
Conclusion
Practo’s planned return-to-India domicile and banker appointments signal intent to convert recent profitability gains into a public-market debut in 2026. Execution on the re-domicile, sustained operating performance and clarity on offer size and use of proceeds will determine how quickly the company can move from preparatory steps to filing and pricing.
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