Home / Companies / Start-ups /  Pristyn Care's valuation doubles after $53 mn fundraise led by Tiger Global

Bengaluru: Healthcare startup, Pristyn Care, has seen its valuation more than double to $550 million in just six months, after it raised $53 million in Series D round led by US-based hedge fund Tiger Global Management, the Gurugram-based company has said.

Pristyn Care's existing investors Sequoia Capital, Hummingbird Ventures and Epiq Capital also participated in the latest fundraise. With this capital infusion, the total funding raised by the startup stands at $81 million, since its inception in 2018.

The two-and-a-half year old startup, which was valued at $250 million six months back, provides surgeries for over 50 diseases including hernia, sinus, gallstones, cataract, using medical technology such as laser and laparoscopy.

The company currently operates in more than 30 cities and towns, through its surgical centers across the country.

According to the startup, the funds raised will enable Pristyn Care to invest further in advancing its medical technology offerings and offer all kinds of minimally invasive procedures while expanding its India footprint.

“Our laser sharp focus on scaling our surgery offerings and providing seamless patient-experience in India has enabled us to help half a million patients in the past 2.5 years. With this new capital, we plan to expand our surgery offerings in more cities and towns and attract international patients seeking treatment in India, treat new disease lines, and invest in brand building," said Harsimarbir Singh, co-founder of Pristyn Care.

At present, the company runs close to 100 clinics and operates in more than 400 hospitals, through a network of more than 300 medical experts.

Since inception, Pristyn Care has helped deliver more than 300,000 surgeries to patients.

“By using technology to deliver differentiated experiences and outcomes, Pristyn Care has built the leading consumer-centric surgery provider in India. The market opportunity is huge, and we couldn't be more excited to partner with Harsimarbir and his team," said Scott Shleifer, partner, Tiger Global Management.

Apart from facilitating surgeries, the platform also provides post-surgery care such as diagnostics support, complete health-insurance claim processing, hospital admission paperwork, cab pick-up and drop for surgery, medicine delivery at home and free post-surgery consultation.

Previously, the company had raised $28 million in equity financing, with GreenOaks and AngelList being other investments in the firm.

The ongoing pandemic has caused individuals to take healthcare services at home, giving a boost to digital health platforms.

Earlier this month, API Holdings, parent of online pharmacy, PharmEasy, became the first online medicine delivery service to hit ‘unicorn’ status, after the entity raised $323 million as part of its Series E round led by Prosus Ventures (formerly Naspers Ventures) and TPG Growth.

With covid providing tailwinds to home health diagnostics, the industry is expected to continue growing at 15-19% a year and hit $13 billion in market size by 2025 from $5.4 billion currently, according to management consultancy, RedSeer.

Despite the push, home healthcare will contribute to only 3.7% of the overall healthcare market in India by 2025, against 3.4% in 2020.

By 2025, only 2.4% of India’s home healthcare sector will be organized. In the US, organized firms contribute to 6-8% of its overall healthcare market, Redseer said.

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