Healthcare

Pristyn Care Eyes Fresh Funding, Aims for IPO by 2028

• ByStartupStory     |    January 2, 2025

Healthtech unicorn Pristyn Care is reportedly in preliminary discussions to raise between $50 Mn to $100 Mn in a fresh funding round. According to a report by Livemint, the funding round is expected to close in the first half of 2025, with the company planning to deploy the capital for expansion.

In addition to its fundraising efforts, Pristyn Care is preparing for an initial public offering (IPO) within the next three years. To facilitate this, the company has engaged with bankers and is actively in talks with global investors, high-net-worth individuals, and family offices, Livemint reported.

Pristyn Care’s Growth Story

Founded in 2018 by Harsimarbir Singh, Dr. Vaibhav Kapoor, and Dr. Garima Sawhney, Pristyn Care specializes in secondary care surgeries. The company operates a network of more than 200 clinics, 700 hospitals, and boasts a team of 400+ in-house super-speciality surgeons spread across 30 cities in India.

In 2022, Pristyn Care marked its international debut by launching operations in Bangladesh, establishing a presence in Dhaka and Chittagong.

Operational and Financial Performance

The healthtech unicorn has raised $177 Mn across multiple funding rounds to date, achieving unicorn status in late 2021 with a valuation of $1.4 Bn after securing $96 Mn in its Series E round. The round was backed by Peak XV Partners (formerly Sequoia Capital India), Tiger Global, Winter Capital, Epiq Capital, and Hummingbird Ventures.

In the financial year ending March 2024 (FY24), Pristyn Care reported an operating revenue of INR 601 Cr, a significant increase from INR 453 Cr in FY23. The company’s net loss declined marginally from INR 383 Cr in FY23 to INR 381 Cr in FY24.

Restructuring for Profitability

Earlier this year, Pristyn Care undertook a restructuring exercise aimed at profitability, which saw the layoff of 120 employees. This followed a similar restructuring move in 2023, where the company let go of 300-350 employees across departments.

Looking Ahead

As Pristyn Care eyes its IPO by 2028, the upcoming funding round and expansion plans will play a crucial role in its journey. With its established network and investor confidence, the company is well-poised to capitalize on growth opportunities in the healthtech sector.

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