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Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round

EntrackrEntrackr · 1m ago
Exclusive: Pristyn Care raises $4 Mn to scale in-house hospitals, preps for larger round
Medial

Pristyn Care, a surgery-focused hospital chain, has raised $4 million as part of a larger funding round to support its expansion of owned hospitals, according to company sources and internal documents seen by Entrackr. Entrackr has also gone through its regulatory filing, where the company board has passed a resolution to approve the issue of 34,280 Series E1 CCPS at an issue price of 10,038.16 each to raise the aforementioned sum. Existing investors Peak XV Partners and Hummingbird Ventures are investing in this fresh investment. The company was reportedly in talks to raise $100 million from new and existing investors. Pristyn Care has completed this infusion at an effective share price of Rs 10,038, the same as the last round, indicating the valuation remains unchanged. Pristyn Care has also increased its authorised capital to facilitate future fundraises and strengthen its financial foundation for continued growth. In the last four months, the company has opened eight owned hospitals. Pristyn now operates roughly 200,000 sq ft with about 450 beds. According to the company, more than 10 additional hospitals are slated to launch in the coming months, and the footprint is expected to double by December 2025. According to startup data intelligence platform TheKredible, Pristyn Care has raised approximately $180 million to date from investors including Peak XV Partners, Tiger Global, Epiq Capital, and others. In the fiscal year ended March 2024, the firm recorded over 30% growth in operating revenue to Rs 600 crore, while its losses remained steady at Rs 381 crore during the same period.

Pristyn Care opens its first super-speciality hospital in South Delhi

EntrackrEntrackr · 6m ago
Pristyn Care opens its first super-speciality hospital in South Delhi
Medial

Pristyn Care opens its first super-speciality hospital in South Delhi Surgery-focused healthcare institution Pristyn Care has opened its first super-specialty hospital in South Delhi. With this, the Gurugram-based firm is expanding its infrastructure and deepening its commitment to advanced patient care. According to the company, the new hospital has four modular operating theaters with advanced technology, including a Level 3 NICU for newborn care. With the expansion, Pristyn Care is equipped to handle cosmetology and dermatology, offering a high-end setup for procedures such as anti-aging treatments, fat loss therapies, and CoolSculpting, along with a comprehensive range of laser treatments. In the last five years, Pristyn Care has conducted 300,000 surgeries. It now handles over 3 million patient interactions yearly, with 100,000 surgery registrations each month. Pristyn Care aims to establish 50 hospitals across 25 cities within the next three years, with plans to open 15 new hospitals in the coming year. The expansion will focus on key cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune, Chennai, Patna, Coimbatore, Bhubaneswar, Chandigarh, Ahmedabad, and Kochi. Additionally, three new hospitals are set to be launched within the next four months. To support the growth, Pristyn Care aims to employ more than 3,500 healthcare professionals and 750 surgeons in the facilities. For the fiscal year ending in March 2024 (FY24), Pristyn Care’s operating revenue grew by 32.7% to Rs 601 crore from Rs 453 crore in FY23. In FY25, the company claims to have reduced its EBITDA burn by 60% year-over-year. In December 2021, the company secured $96 million from Peak XV Partners and Tiger Global to attain unicorn status.

Pristyn Care lays off around 120 employees as it targets profitability and IPO

EntrackrEntrackr · 1y ago
Pristyn Care lays off around 120 employees as it targets profitability and IPO
Medial

Surgery-focused hospital chain Pristyn Care has reduced its workforce by 7% as the firm eyes profitability and initial public offering in the next few years. Pristyn Care said that it is discontinuing three redundant categories and the move will impact less than 7% of the 1,700 employees, with the majority in entry-level and support functions. It has also decided to exit six cities that were not adding adequate value to the business. “These changes are essential to align with the company’s strategic vision of efficiency, performance excellence, and long-term sustainability,” said the company in a press release. The firm will also provide comprehensive support to affected employees which includes full notice periods and severance packages, accelerated vesting of Employee Stock Ownership Plans (ESOPs) for the next three months and extended medical insurance coverage for employees and their families for the next six months. This is the second instance of layoffs at the Gurugram-based company in the past 12 months. In March 2023, it let go of around 45 employees because of their poor performance. Meanwhile, Pristyn Care has announced its ambitious goal to achieve profitability by FY25. The organisation has revealed plans for an IPO by 2027. Pristyn Care managed to grow its operating scale by 44.7% and cross Rs 450 crore mark in the fiscal year ending March 2023 or FY23. Its losses grew 38.27% to Rs 383 crore during the last fiscal year. As per the company, it has managed to reduce its marketing costs by 50% in the past year with an additional 20% reduction in the last quarter. The firm targets to reach Rs 900 crore in revenue by 2024, which is 100% growth year-on-year and the company is also on track to reduce EBITDA Losses by 50% YoY. Pristyn Care raised around $85 million from Peak XV Partners, Tiger Global and others to enter the unicorn club in December 2021. The firm also acquired Ratan Tata and Tiger Global-backed company Lybrate in June 2022.

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