Pristyn Care Enters Primary Healthcare With Acquisition Of Lybrate

Healthtech Unicorn Pristyn Care Enters Primary Healthcare With Acquisition Of Ratan Tata-Backed Lybrate

SUMMARY

As a part of the deal, Lybrate’s entire employee base consisting of 150 professionals will join Pristyn Care

With the acquisition, Pristyn Care will expand its healthcare offerings and begin providing primary healthcare services to its patients

Pristyn Care claims to have partnered with over 800 hospitals and more than 400 expert surgeons

Healthtech Unicorn Pristyn Care has acquired New Delhi-based healthcare startup Lybrate for an undisclosed amount.

As a part of the deal, Lybrate’s entire employee base consisting of 150 professionals will join Pristyn Care.

With the acquisition, Pristyn Care will expand its healthcare offerings and begin providing primary healthcare services to its patients. The two startups also plan to merge their operations in the near future.

According to Pristyn Care, the deal will accelerate the expansion plans of Pristyn Care as it will go beyond its existing network of 800 fully-operative secondary surgery care centres and forays into primary care via digital and online consultation services.

Founded in 2018 by Vaibhav Kapoor, Harsimarbir Singh and Garima Sawhney, Gurugram-based Pristyn offers surgery care to patients through advanced medical technology and recovery measures.

Commenting on Lybrate’s acquisition, Harsimarbir Singh said, “We truly believe there is a significant appetite for innovation and growth in healthcare, and similar acquisitions will help consolidate, scale and grow healthcare delivery assets. This partnership will mean increased access to primary care via qualified doctors, online consultation services, and an improved experience for the patients.”

Pristyn Care claims to have partnered with over 800 hospitals and more than 400 expert surgeons to date. These surgeons use advanced technology such as laser, microdebriders, and lasik to treat patients across 42 cities of India.

In December last year, Pristyn Care bagged $96 Mn from Sequoia Capital, Tiger Global, Winter Capital, Eriq Capital, Hummingbird Ventures, Kunal Shah, Deepinder Goyal and Abhijraj Singh Bhal. Following the round, its post-money valuation soared to $1.4 Bn thereby entering the unicorn club.

Founded in 2014 by Saurabh Arora and Rahul Narang, Lybrate, on the other hand, offers online doctor consultation services and pathology services to customers. Besides, it sells healthcare and wellness products on its portal.

Lybrate has more than 3 Lakh certified doctors available on its portal. It claims to have enabled over 200 Mn interactions annually.

In 2015, Lybrate secured $10.2 Mn from Ratan Tata, Tiger Global and Nexus Venture Partners.

India’s Transformed Healthcare Sector To Reach $21.3 Bn By 2025

In the last few years, India’s healthcare sector has transformed owing to technology disruption and the Covid-19 pandemic. The new-age technologies have not only shaped the sector but also incorporated eHealth (healthcare services provided via internet) services in the country.

According to a report, the Indian healthtech market is poised to reach $21.3 Bn, increasing at a CAGR of 39.6% by 2025. Recently, the sector is buzzing with business activities.

In May, venture capitalist Eight Roads Venture India launched a dedicated healthtech and life sciences fund worth $250 Mn. Prior to this, healthtech startup Redcliffe Lifetech also secured $61 Mn from LeapFrog Investments, HealthQuad, Schroders, LC Nueva, Growth Spark Ventures, Chiratae Ventures and Alkemi Venture Partners.

In March, healthtech startup Qure.ai also bagged $40 Mn from Novo Holdings, HealthQuad and MassMutual Ventures.