Indian Economy News

Healthcare startup Pristyn Care raises $96 million, joins Unicorn club

Pristyn Care, a health-tech startup specialising in secondary-care surgeries, announced that it had raised US$ 96 million in a Series E round. Pristyn Care's valuation has more than doubled in the previous seven months, to US$ 1.4 billion, making it the latest digital health business to achieve unicorn status. It is the 42nd startup to achieve unicorn status in 2021.

Sequoia Capital, Tiger Global, Winter Capital, Epiq Capital, Hummingbird Ventures, and Trifecta Capital were among the investors who lead the newest round of fundraising. Kunal Shah (founder and CEO, CRED), Deepinder Goyal (co-founder and CEO, Zomato), Abhiraj Singh Bhal (co-founder and CEO, Urban Company), and Varun Alagh(co-founder & CEO, Mamaearth) are among the angel investors in this round.

Pristyn Care will use this new funding to expand its services by using latest surgical technology. It plans to expand into additional disease categories while also enhancing and updating partner-hospital infrastructure, educating surgeons, and improving its product and technology.

By March 2022, the company hopes to have expanded to over 50 cities and villages, as well as 1000 surgical centres. Pristyn Care also plans to expand its workforce. The company will hire highly qualified engineers to make up a quarter of its new workforce, with technology serving as the backbone of its operations.

“With our expansion plans firmly in place and on track, we will accomplish our ambition of reaching 1000 surgical centres and 5 million patient interactions by March 2022,” said Pristyn Care co-founder Mr. Harsimarbir (Harsh) Singh. “We will continue to invest in newer, world-class surgical technology to ensure faster patient recovery, shorter hospital stay and the smoothest surgery experience possible for patients and their families.”

Pristyn Care received US$ 53 million in a funding round led by US investment firm Tiger Global Management in April of this year. The company's valuation increased to more than US$ 550 million, up from US$ 250 million six months earlier, according to the firm.

Singh claims that the company has built a strong technology foundation that supports its patient-first initiatives, such as end-to-end support services throughout the surgical process, billing transparency, and at-home insurance claim processing, and ensures that patients are treated in the most comfortable way possible.

“We will invest in newer surgical technologies to provide world-class treatment and experience to our surgery patients,” said Dr. Vaibhav Kapoor, Co-founder, Pristyn Care. “We plan to expand our surgical offerings in more cities and towns as well as international patients seeking treatment in India.”

The company claims that its 400 doctors have a plethora of experience operating on the most difficult situations. "Right from metros to smaller towns we are committed to hiring only the best doctors at Pristyn Care," added Dr. Kapoor.

Pristyn Care has grown fivefold since January 2021, and it aims to break even in the next 12 to 18 months. It now has over 150 clinics and 700 partner hospitals, as well as a panel of experienced doctors who work solely for the organisation. Its network currently stretches over seven metro cities, including Mumbai, Pune, Delhi, Bengaluru, Hyderabad, Chennai, and Kolkata, as well as 33 tier 2 and 3 cities.

Dr. Garima Sawhney, co-founder, Pristyn Care said a fairly large number of patients from small towns have to travel, sometimes hundreds of kilometres, to seek quality surgical care in nearby metro cities. “We aim to bridge this accessibility gap in the surgery space and take superior quality surgeries to patients in Tier 2 & 3 cities of the nation,” said Sawhney. “Functioning on a scalable asset-light ecosystem, we’re able to offer high-end surgery solutions close to patients’ residences, thereby helping them with care that is truly closer to home.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.