Pristyn Care in talks to raise up to $100 million in a new funding round-OxBig News Network

“It is likely to be between $50-100 million that will materialize sometime in the first half of next year,” one of the people said. 

The person added that the company, whose valuation is yet to be decided, plans to use the proceeds for its expansion.

The health-tech firm has also engaged with bankers to help with the fundraiser and is in active discussions with global investors, high-net-worth individuals, and family offices, the second person said, adding that it also has plans to go public over the next three years. 

Pristyn Care did not immediately respond to Mint‘s requests for comment.

The development comes three years after the company raised $100 million in its series E funding round, which saw participation from Tiger Global Management, Hummingbird Ventures, and Epiq Capital Advisors, among others. 

In 2021, it also entered the coveted unicorn club, as the transaction happened at a post-money valuation of $1.4 billion, according to market intelligence provider Tracxn. 

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

Broadly, India is seeing a growing appetite for investments in the healthcare sector. Several private equity firms, including Quadria Capital and ChrysCapital, have expressed interest in ramping up allocations to various healthcare subsegments.

With hospital chains expanding beyond the metros, other large investors have also turned their focus to Indian healthcare. For instance, Blackstone Group made its first investment in the sector with a $1-billion bet on the Care Hospitals in 2023 and Swedish firm EQT ramped up its exposure to the sector through investments in Indira IVF in 2023 and AIG Hospitals in 2022.

Meanwhile, Pristyn’s direct-to-consumer (D2C) fitness-focused technology brand, BeatXP, was also looking to raise $50-75 million, at a valuation of $400 million, Mint reported in February. This came as the parent was also embroiled in a legal battle with the founders of Lybrate Inc., a platform it acquired in 2022.

In March, Pristyn laid off about 120 employees, or 7% of its workforce, across entry-level and support functions as part of a restructuring exercise to become profitable in the current fiscal year. It laid off 300 employees in 2023.

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

In 2023-24, it reported an operating revenue of ₹601 crore compared to ₹453 crore a year ago. Its losses slightly narrowed to ₹381 crore from ₹383 crore in 2022-23, according to an Entrackr report.