Delhi-based startup Practo, a web service for scheduling appointments with doctors has acquired another Delhi-based fitness tech startup FitHo – a leading digital fitness solution which over 2M people from across the globe use every year.
Shashank ND, 27-year-old founder and chief executive of Practo declined to reveal the amount spent on this acquisition. Shashank said the $30 million (Rs 189 crore) fund raised in February from venture capital firms Sequoia Capital and Matrix Partners has given the firm enough financial muscle to do acquisitions.
The acquisition will help Practo to rapidly expand its offerings and move into the preventive healthcare space. It will also bring Practo closer to its goal of making the health-startup the single health app consumers need.
Practo has welcome the founders of FitHo, Dhruv and Prachi Gupta, to Practo, with Dhruv taking on the role of Product Head for Preventive and Prachi taking on the role of GM – Operations, New Segments. Practo will also acquire the proprietary algorithm and recommendation engine which automatically suggests custom diets and exercise regimens to users based on their lifestyle, fitness requirements and food preferences.
FitHo’s current offering will phase out over the next 6 months and Practo will launch a completely new preventive product that will leverage some of the technology from FitHo.
The global preventive healthcare technologies and services market which was valued at $ 72.8 billion in 2013 is estimated to reach a market worth of $ 144.8 billion in 2020 growing at a CAGR of 9.7% from 2014 to 2020, according to Transparency Market Research.