Pristyn Care in talks to raise up to $100 million in new funding round

“The $50-100 million could materialize sometime in the first half of next year,” one of the people said.

The company’s valuation has not yet been determined and it plans to use the proceeds for expansion, the person added.

The health technology company is also working with bankers to help with fundraising and is in active discussions with global investors, high-net-worth individuals and family offices, the second person said, adding that it also plans to raise funds through .

There was no immediate response from Pristyn Care. MintRequest for comment.

Three years ago, the company raised $100 million in a Series E round, with participation from Tiger Global Management, Hummingbird Ventures and Epiq Capital Advisors, among others.

In 2021, the company also entered the coveted unicorn club as the deal valued it at $1.4 billion post-money, according to market intelligence provider Tracxn.

Peak XV is the company’s largest institutional shareholder. Some other backers include Trifecta Capital, Dream Duo, QED Innovation Labs, Amber Winter, First Lap and Rockstone Ventures.

Overall, there is growing investment interest in the healthcare sector in India. Several private equity firms, including Quadria Capital and ChrysCapital, have expressed interest in increasing allocations to various healthcare segments.

As hospital chains expand beyond metros, other big investors are also turning their attention to Indian healthcare. For example, Blackstone Group made its first investment in the industry with a $1 billion investment in Care Hospitals in 2023; Swedish company EQT increased its investment in Indira IVF in 2023 and AIG Hospitals in 2022. investment in the industry.

At the same time, Pristyn’s direct-to-consumer (D2C) fitness technology brand BeatXP is also seeking to raise US$50-75 million, valuing it at US$400 million. Mint Reported in February. Meanwhile, the parent company is also embroiled in legal battles with the founder of Lybrate Inc., which it acquired in 2022.

In March, Pristine laid off about 120 employees, or 7% of its workforce, across entry-level and support functions as part of a restructuring exercise aimed at achieving profitability this fiscal year. In 2023, the company laid off 300 employees.

Founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor and Garima Sawhney, Pristyn Care operates under the legal entity GHV Advanced Care and operates a network of hospitals and clinics through partners, providing patient-centric healthcare services from disease to health.

In 2023-24, its operating income will be $601 crore compared to Rs. $453 crore a year ago. Its losses narrowed slightly to $381 Crores Rs. $According to an Entrackr report, it will reach Rs 383 crore in 2022-23.