Practo: $100M Pre-IPO Round Signals 2026 Listing
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- February 26, 2026
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BENGALURU, February 25, 2026 — Practo Technologies, India’s long-standing pioneer in digital healthcare, is reportedly in advanced discussions to secure a $100 million to $125 million pre-IPO funding round. The capital infusion is being positioned as the “final bridge” for the 17-year-old startup as it gears up for a public market debut in the second half of 2026.
The Financial Turnaround
The funding news follows a landmark year for Practo. After nearly two decades of growth-at-all-costs, the company has officially pivoted to sustainable profitability.
- FY25 Performance: Practo reported its first-ever full year of positive operating EBITDA at ₹15 crore, a massive recovery from the ₹162 crore loss recorded just three years prior in FY22.
- Revenue & GMV: The company maintained a steady revenue of ₹234 crore in FY25, while its Gross Merchandise Value (GMV) surged to over ₹3,500 crore.
- Valuation: This new round, structured as a mix of equity and debt, is expected to value the company at approximately $700 million post-money.
Preparing for the “Reverse Flip”
To facilitate a domestic listing on the NSE and BSE, Practo is currently undergoing a “reverse flip.” The company is shifting its legal domicile from Singapore back to India, a process expected to be finalized by the end of February 2026. This move follows in the footsteps of other Indian tech giants like PhonePe and Razorpay, aligning with regulatory requirements for an Indian IPO.
Global Expansion: UAE and the US
While Practo remains a dominant force in India—serving over 50 million patients across 640+ cities—its pre-IPO narrative is heavily focused on international growth.
- Middle East: Since launching consumer services in the UAE in May 2025, the platform has quickly onboarded 31,000+ doctors and is targeting a 10% user penetration in Dubai.
- United States: Practo has initiated a pilot program in the US with its “Care Navigation” platform, already reporting a network of over 2 lakh doctors and a GMV run rate of $75 million in the North American market.
Strategic Outlook
The fresh capital is earmarked for further AI integration into clinical decision-making and potential inorganic growth (acquisitions) to consolidate its position in the diagnostic and secondary care segments.
“The focus for FY26 is clear: use AI to improve patient outcomes, double our international revenue, and maintain the streak of profitable growth we’ve established over the last six quarters,” said a source close to the leadership team.
With the appointment of investment bankers expected to conclude by next month, Practo is set to be one of the most watched tech IPOs of 2026.
