[Update] Exclusive: Healthtech Startup Pristyn Care Enters Unicorn Club After $96 Mn Funding

Update | 15th December, 12:30 PM

Gurugram-based healthcare startup Pristyn Care today announced that it has raised $96 Mn in its Series E round from Sequoia Capital, Tiger Global, Winter Capital, Eriq Capital, and Hummingbird Ventures along with angel investors such as Kunal Shah, Deepinder Goyal and Abhijraj Singh Bhal at $1.4 Bn valuation.

The startup intends to utilise the fresh investment to enhance its offerings by adopting the latest surgical technologies, expanding into new disease categories, strengthening and modernising partner-hospital infrastructure, training its surgeons and further developing its product and technology.

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Original Story | Published On 7th December, 8:20 PM

Gurugram-based healthtech startup Pristyn Care has become India’s fourth healthtech startup to enter the unicorn club. According to Pristyn’s regulatory filings accessed by Inc42, the healthtech startup has raised $84 Mn in a new funding round led by Sequoia Capital.

The Series E funding round also saw participation 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), respectively.

With this round of funding, Pristyn Care is now valued at a little over $1.2 Bn. The startup is also likely to increase the round to $90 Mn – $100 Mn through a secondary sale of shares.

The investment comes four months after Pristyn Care raised $53 Mn in its Series D funding round, almost doubling its valuation to $550 Mn. The Series D round was led by Tiger Global, which had invested about $40 Mn in the round. Existing investors Sequoia Capital India, Hummingbird Ventures and Epiq Capital also participated in the round.

Founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor and Garima Sawhney, Pristyn offers affordable advanced surgical care to patients through innovative surgical techniques and recovery measures. 

The newly minted unicorn has partnerships with over 400 hospitals in ~30 cities to provide surgeries and treatments for proctology, urology, ENT, gynaecology, vascular, laser and others. 

The startup claims that it has close to 200 full-time surgeons among 1,050 employees and has performed over 20,000 surgeries in 2020. In FY20, the startup posted a total income of INR 28.5 Cr, a 668% rise from INR 3.71 Cr in FY19.  The startup’s expenditure rose to INR 61.6 Cr in FY 20, a 1,611% jump 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 doubling down on its services to tier II and tier III towns across the country. Pristyn Care competes against the likes Zoctr and Portea Medical, among others.

In 2021, the Indian startup ecosystem has seen the entry of four healthtech startups in the unicorn club (including Pristyn Care). The list includes Innovaccer, Cure.fit, and Pharmeasy. 

Overall, Pristyn is the 40th Indian startup to enter the unicorn club in 2021 and 82nd overall.