India's Pristyn Care raises $96m at $1.4b valuation
Pristyn Care, a clinic operator specializing in minimally evasive surgeries, has joined India’s unicorn boom with a $96 million Series E round featuring Sequoia Capital at a valuation of $1.4 billion.
Tiger Global Management, Winter Capital, Epiq Capital, Hummingbird Ventures, and Trifecta Capital also joined the round, helping Pristyn achieve unicorn status in three years. The company brands itself as the youngest Indian healthcare start-up to achieve this milestone.
It compares to a $550 million valuation at the time of the $53 million Series D in April. That round was led by Tiger and featured Sequoia, Hummingbird, and Epiq. It came about six months after a $11.3 million Series C at a valuation of $250 million. Total funding to date is approximately $177 million, with early investors including Greenoaks Capital and AngelList India.
Pristyn employs more than 300 doctors, runs about 150 clinics, and partners with at least 700 hospitals across 33 cities. The comapny describes itself as a health-tech company with an online platform that also facilitates services around diagnostics, medicine delivery, hospital paperwork, follow-up consultations, and transportation to and from surgery.
Operations span laser, laparoscopic, vascular, urology, aesthetics, ophthalmology, and orthopedic surgeries, as well as mother and child care and infertility treatments such as IVF. Pristyn owns all of its own medical equipment.
The company is said to have grown 5x during 2021 to date. It expects to be profitable within 18 months. The plan is to grow the team and expand the clinic footprint to 1,000 locations across 50 cities by March 2022.
“By using technology to deliver differentiated experiences and outcomes, Pristyn Care has built the leading consumer-centric surgery provider in India,” Scott Shleifer, a partner at Tiger Global, said following the Series D in April.
India has seen around 45 companies achieve unicorn status this year, with used car platform Spinny, real estate marketplace NoBroker, and financial technology provider Slice among the most recent additions. Only 11 companies reached this milestone in 2020.
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