Practo eyes $1 billion GMV as US push adds $250-300 mn ahead of IPO

Digital healthcare platform Practo is targeting a $1 billion annualised GMV run-rate by June 2026, with US operations expected to add $250-300 million as it gears up for an IPO by end-2026

Digital healthcare platform Practo is targeting an annualised gross merchandise value (GMV) of $1 billion by June 2026, with its expanding US operations expected to contribute between $250 million and $300 million, according to people familiar with the company’s plans.

 

The milestone marks a sharp acceleration from the roughly $400 million GMV the company generated in the previous financial year, driven by strong momentum across its marketplace-led healthcare services and a scaled-up international push. The company expects these initiatives to support a potential initial public offering (IPO) by the end of next year.

 

“By June 2026, Practo’s overall GMV is expected to approach the $1 billion run-rate, with the US emerging as the largest growth driver outside India,” said a person.

 

In addition to its wide network of 500,000 doctors in India, Practo has also on-boarded over 500,000 doctors across specialties in the US, strengthening its supply base as it accelerates into high-growth categories such as dental care and mental health.

 

While the US remains the mainstay of its international expansion, Practo is steadily expanding in other markets, including the UAE.

 

The company is also expected to trigger an inorganic growth plan, including international buyouts, in the next 6 months, according to sources.

 

The planned transactions are aimed at widening its global footprint and expanding its integrated consumer and provider marketplace stack.

 

The company posted six quarters of Ebitda profitability, with margins ranging between 10-14 per cent across its marketplace and software-as-a-service platforms which are its core business lines. People aware of the operating trajectory said profitability has been supported by stable cost structures driving high operating leverage.

 

Practo’s take rate, or retained income, is estimated to be between $55-60 million, going up to $80 million by the end of the current financial year, if planned acquisitions consummate by then.

 

Practo’s marketplace and SaaS business -- its core revenue driver -- now accounts for about 80 per cent of the overall business.

 

The combined marketplace and SaaS portfolio has compounded at around 40 per cent over the past four years, while the marketplace business alone has scaled at over 55 per cent growth, based on internal performance data reviewed.

 

Practo will exit this financial year with India GMV growing by over 100 per cent since last financial year, along with GMV expansion from US operations.

 

Sectoral analysts say there is no comparable digital health platform in India operating at a similar scale, with a unified stack spanning marketplace transactions, provider networks, and software.