Gurugram-based Pristyn Care—a healthcare startup which specialises in surgeries—raised $53 million in a Series-D funding round led by American investment firm Tiger Global Management that valued the company at over $550 million. Existing investors Sequoia Capital, Hummingbird Ventures, and Epiq Capital also participated in the latest funding round, the company said on Tuesday.
Started in August 2018, in a short span, Pristyn Care has managed to differentiate itself, especially in a highly competitive and regulated healthcare market in India dominated by large hospital chains, by offering end-to-end services such as diagnostics, processing of health-insurance claims, hospital admission paperwork, cab pick-up and drop for surgery, medicine delivery at home, and free post-surgery consultation.
Co-founded by Harsimarbir Singh along with doctors Vaibhav Kapoor and Garima Sawhney, the healthcare startup specialises in laser treatment and surgeries across proctology, laparoscopy, urology, ENT, gynaecology, vascular, orthopedics, ophthalmology, and others.
“Our laser sharp focus on scaling our surgery offerings and providing seamless patient experience in India has enabled us to have helped treat more than half a million patients in the past two and a half 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,” Singh said in a statement.
The healthcare startup currently runs about 100 clinics and has partnered with over 400 hospitals across 30 cities including Delhi and the National Capital Region, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad, Chennai, and others.
The company wants to use the fresh funds to help ramp up its surgery services with the latest technologies in the medical space along with expanding its geographic footprint.
“With this round, we will invest in newer medical technologies…. We will also increase treatments for newer disease lines and get more people access to top-quality medical care across the nation,” said Pristyn Care’s co-founder Kapoor.
“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,” said Scott Shleifer, partner, Tiger Global Management, in a statement.
According to a NITI Aayog report released in March this year, India’s healthcare sector is expected to touch $372 billion in 2022, recording a compounded annual growth rate (CAGR) of about 22% since 2016.