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Matrix Partners India invests in Practo

Bangalore, India – February 12th, 2015: Matrix Partners India today announced that it has acquired a minority stake in Practo, the #1 doctor search engine in Asia. Matrix along with the existing investor Sequoia Capital, have invested $30 Million in the second institutional round of equity funding for the company, making this one of the largest investments into Digital Health globally and the largest for any Indian healthcare technology company. Practo will use the funds to further accelerate its rapid growth in India and international markets, pursue acquisitions and strategic partnerships and grow the team. “We are on a mission to improve human longevity by simplifying healthcare. Over the next 12 months we will expand to 35 cities in India and several more international locations to help hundreds of millions of consumers around the world find the best doctors and make better healthcare decisions.” said Shashank ND, co-Founder and CEO of Practo. Every month, over 1 million users book 120,000 appointments via Practo Search. Practo Search volume has grown more than 10x in the last 1 year. With this new round of funding, it plans to expand to 35 cities in India & 6+ countries internationally. “Practo is revolutionizing healthcare by enabling consumers to find the best doctors, book instant appointments and make better, more informed health decisions. It is our privilege to work with Shashank ND and Abhinav Lal, the co-founders of Practo, to scale and bring Practo to millions of consumers around the globe.” said Avnish Bajaj, co-Founder and Managing Director, Matrix India. “From our first seed investment in Practo in 2011, the company has come a very long way, thanks to the hard work of an incredibly committed entrepreneurial team. The company has now scaled to being the market leader in online healthcare in India, a category that has created multiple multi-billion dollar companies around the world. We are deeply committed to Practo’s goals and aspirations to transform access to healthcare and positively impact society.” said Shailendra Singh, Managing Director at Sequoia Capital. About Practo: Practo’s mission is to help improve human longevity by simplifying healthcare. We are leading the way with Practo.com – Asia’s #1 doctor search engine used by over 1 million patients every month and Practo Ray – the practice management solution of choice for thousands of doctors managing millions of appointments and digital healthcare records every year. Further information is available at www.practo.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Quikr (online classifieds), Ola (local transportation marketplace), Stayzilla (hotels and alternate stays marketplace), LimeRoad (mobile social commerce marketplace), Newshunt (mobile local language platform), MSwipe (mobile POS), WeAreHolidays (outbound travel marketplace) and Woo (social dating) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in

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