Pristyn Care in Preliminary Discussions to Raise $100 Million
Pristyn Care, a leading player in the healthtech industry, is reportedly in the early stages of raising between $50 million and $100 million in a fresh funding round. The fundraising initiative is expected to conclude in the first half of 2025, with the capital earmarked for expanding the company’s operations and footprint.
Key Highlights
- Upcoming Funding Round
- Goal: Raise $50 Mn – $100 Mn.
- Expected Timeline: First half of 2025.
- Purpose: Fund expansion initiatives.
- IPO Preparations
Pristyn Care is actively planning an initial public offering (IPO) within the next three years. To support this goal, the company has engaged with financial experts, including bankers, and is holding discussions with global investors, high-net-worth individuals (HNIs), and family offices.
Growth and Operations
- Founders and Establishment: Pristyn Care was founded in 2018 by Harsimarbir Singh, Dr. Vaibhav Kapoor, and Dr. Garima Sawhney.
- Core Services: The company specializes in secondary care surgeries, leveraging a network of over:
- 200 clinics.
- 700 hospitals.
- 400+ in-house super-specialist surgeons.
- Geographic Presence: Operating in 30 cities across India, Pristyn Care expanded internationally in 2022, establishing operations in Bangladesh with bases in Dhaka and Chittagong.
Financial and Business Performance
- Past Funding:
Pristyn Care has raised $177 million across various funding rounds, achieving unicorn status in 2021 with a valuation of $1.4 billion. Its Series E round raised $96 million, backed by investors such as:- Peak XV Partners (formerly Sequoia Capital India).
- Tiger Global.
- Winter Capital.
- Epiq Capital.
- Hummingbird Ventures.
- Revenue and Losses:
- FY24 Operating Revenue: INR 601 Cr, up from INR 453 Cr in FY23.
- Net Loss: Reduced marginally from INR 383 Cr in FY23 to INR 381 Cr in FY24.
Restructuring and Layoffs
- In March 2024, Pristyn Care underwent a restructuring process, laying off 120 employees as part of efforts to focus on profitability.
- Earlier in 2023, the company let go of 300-350 employees across multiple departments to streamline operations.
Importance of the Upcoming Funding Round
- Business Expansion:
The new capital will be pivotal for:- Scaling existing operations across India and international markets.
- Enhancing medical infrastructure and technology integration.
- IPO Readiness:
Funds from the round will support initiatives to position the company effectively for its IPO, with key investments in marketing, compliance, and organizational readiness. - Strengthening Financials:
- Aim to reduce dependency on external funding in the long term.
- Improve overall profitability and cost efficiencies.
Looking Ahead
With its strong foundation, innovative approach to secondary care surgeries, and a clear roadmap for expansion, Pristyn Care is poised to cement its position as a market leader in the healthtech sector. The upcoming funding round and IPO plans highlight its ambitions for growth and long-term sustainability in a competitive landscape.
