Source: Entrackr
Gurugram, India, Surgical-focused startup Pristyn Care has secured $4 million to expand its network of company-operated hospitals. This is a part of a larger round Pristyn Care is addressing for its expansion, company documents reviewed by Entrackr show.
Funding Information
925 Wellbeing raised a total of $4 million by issuing 34,280 Series E1 preference shares priced at ₹10,038.16 per share. Funding came from existing investors, including Peak XV Partners and Hummingbird Ventures.
In addition to the fundraising, Pristyn Care has also boosted its authorised capital. This move allows for additional room to raise capital as it continues to expand. Reports say Pristyn Care is looking to raise up to $100 million in the next few months from new and existing investors.
Expansion of In-House Hospitals
Until now, Pristyn Care was primarily operated by association with other hospitals. Recently, the company has initiated the process of building and operating its own hospitals to have better control of patient care and operations.
In the past four months, the company has built a total of 8 in-house hospitals, and the hospitals collectively encompass around 200,000 square feet of area with approximately 450 beds. The company indicated that it would build and operate at least 10 more hospitals, and anticipates that its coverage will double by December 2025.
Owning hospitals allows Pristyn Care to enhance the service quality, patient experience, and efficiency of resources.
Business Performance and Investors
Pristyn Care has raised $180 million from Peak XV Partners, Tiger Global, Epiq Capital, and other investors since its inception. The money has allowed the company to scale across India and improve its footing in the healthcare space.
For the fiscal year ending March 2024, the company generated more than ₹600 crore in revenue, growing 30% from the prior year. The losses hovered relatively steady at ₹381 crore.
The Future
Pristyn Care is preparing for a larger funding round that could net up to $100 million. It is also planning to go public (IPO) by 2028 as part of its long-term vision.
Summary: Pristyn Care has $4 million in new funding and many new hospitals opening soon. The company is in a period of fast growth. Pristyn Care’s focus will now be on owning more hospitals, trying to raise more funding, and preparing for an IPO.
