pristyn care funding: Exclusive: Pristyn Care in talks to close new round at over $1.2 billion valuation
Sequoia India is already an investor in the company.
If the latest funding round goes through, the healthcare startup will see its valuation double in six months after
it raised $53 million from investors led by Tiger Global valuing it at $550 million in April this year.
Pristyn Care, cofounded by Harsimarbir Singh along with doctors Vaibhav Kapoor and Garima Sawhney, differentiates itself from hospital chains by providing end-to-end services such as diagnostics support, processing of health insurance claims, hospital paperwork, cab pick-up and drop for surgery, medicine delivery at home and free post-surgery consultation. It runs more than 150 clinics with over 700 partner hospitals and houses 200 in-house super speciality surgeons for proctology, urology, gynaecology, vascular, laser, and laparoscopic surgeries.
“The Sequoia US team is investing this time. There will be another fund or funds that might also get finalised in a couple of week’s time,” said a person with knowledge of the company’s plans. Another source in the know said that Tiger Global is also writing a large cheque, indicating that it wants to maintain its shareholding in the company.
Spokespersons for Pristyn Care and Tiger Global declined to comment.
A spokesperson for Sequoia US did not respond to ET’s request for a comment.
Pristyn operates in more than 40 cities including the National Capital Region, Hyderabad, Bengaluru, Chennai, Kolkata and Mumbai. Besides surgeries, the healthcare platform focuses on doctor consultations, hospital admissions and pre-as well as post-surgical follow-ups.
After the Covid-19 pandemic and resultant lockdowns hit healthcare businesses hard, Pristyn took to telemedicine and online consultation and reopened its surgery vertical from June this year.
In its April news release announcing the funding from Tiger Global, the company had said it has plans to utilise the funds to expand into new surgery specialties, advancing medical technology and minimally invasive surgeries, and going deeper in geographical spread and brand building.
“The biggest thing we are bullish on today is investing in software,” Singh had said then. “We are launching EMR (electronic medical record) service only for our clinics where it becomes completely paperless.” The company conducted 20,000 surgeries in 2020 and plans to quadruple the number this year, it had said in April.
Healthtech companies have seen an unprecedented growth in business traction due to the pandemic. In the recent past startups like MFine, Visit, ConnectedH, HealthPlix, mHealth have received funding from risk investors.