Gurugram-based health tech division startup Pristyn Care has become India’s fourth health-tech startup to join the unicorn clan. As per the Pristyn’s regulatory filings, the healthtech startup has raised $84 Mn in a fresh investment round headed by Sequoia Capital.
The Series E funding round also witnessed support from Tiger Global, Hummingbird Ventures, Epiq Capital, QED, Amber Winter, among others. While Sequoia invested $30 Mn (INR 233 Cr), Tiger Global and Amber Winter poured in $20 Mn (INR 150 Cr) and $15 Mn (INR 111 Cr) sequentially.
Pristyn Care is now valued at a little over $1.2 Bn with this investment round. The startup is also likely to enhance the round to $90 Mn – $100 Mn through a secondary sale of shares.
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The investment comes four months after Pristyn Care raised $53 Mn in its Series D funding round, almost multiplying its valuation to $550 Mn. The Series D round was driven by Tiger Global, which had invested about $40 Mn in the round. Current investors Sequoia Capital India, Hummingbird Ventures and Epiq Capital engaged in the round.
Established in 2018 by Harsimarbir Singh, Vaibhav Kapoor and Garima Sawhney, Pristyn gives affordable advanced surgical care to patients through innovative surgical procedures and recovery measures.
The recently devised unicorn has partnerships with over 400 hospitals in ~30 cities to give surgeries and treatments for proctology, urology, ENT, gynaecology, vascular, laser, etc.
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The startup claims to have nearly 200 full-time surgeons amid 1,050 representatives and has completed over 20,000 surgeries in 2020. In FY20, the startup posted a whole income of INR 28.5 Cr, a 668% rise from INR 3.71 Cr in FY19. The startup’s expense grew to INR 61.6 Cr in FY 20, a 1,611% hike from INR 3.6 Cr in FY19. The startup made a profit of INR 1.7 Lakh in FY19. However, it made a loss of INR 33 Cr in FY 20.
Currently, the startup is multiplying down on its services to tier II and tier III towns all over the nation. Pristyn Care competes against the matches Zoctr and Portea Medical, among others.
In 2021, the Indian startup ecosystem has entered four health-tech startups in the unicorn club (including Pristyn Care). The list contains Innovaccer, Cure.fit, and Pharmeasy.
Overall, Pristyn is the 42nd Indian startup to enter the unicorn club in 2021 and 82nd overall.
