Healthcare startup Pristyn Care on Wednesday said it has raised $12 million in a Series B funding round led by Sequoia Capital India, Hummingbird Ventures, Greenoaks Capital and AngelList.
Founded in 2018 by Harsimarbir Singh, Dr. Vaibhav Kapoor and Dr. Garima Sawhney, Pristyn’s platform currently employs doctors and partners with smaller hospitals to perform relatively non-critical surgeries such as hernia, piles and gall stone.
“In 30-40 towns in India, there are more hospitals than patients. They run on 30% capacity. So Pristyn looks to utilise this capacity and provides expertise in insurance, equipment, surgery and patient care practices,” said Harsimarbir Singh, co-founder of Pristyn, in a phone interview. “We look to be better than corporate hospitals but 40% cheaper, along with a tech platform which connects our doctors, customers and hospitals.”
It is currently present in seven metros such as Delhi-NCR, Mumbai and Chennai, and seven non-metros such as Bhopal, Lucknow and Gwalior.
It plans to use the funds raised to expand to other smaller cities such as Ahmedabad, Nasik and Surat, and to perform surgeries in further disease lines such as dermatology and orthopaedics, Singh said.
“In the past year of our partnership, Pristyn has delivered great patient experience while growing the business aggressively with strong economics. The company has expanded its offerings both geographically and across specializations. Healthcare delivery in India is a large yet fragmented market where Pristyn is operating with a scalable model with good economics,” said Ashish Agrawal, Principal, Sequoia Capital India, in a statement.
The startup raised $4 million in June this year from Sequoia.
Among its other investors, Hummingbird Ventures is a Europe-based fund whose portfolio includes food delivery firm Deliveroo and Indian bus-aggregator service Shuttl. Greenoaks Capital’s other Indian investments include accommodation startup Oyo and B2B custom manufacturing firm Zetwerk, which it backed earlier this month.
While surgeries are the focus of Pristyn’s platform as of now, it aims to become a full-stack provider of healthcare services eventually.
The Gurugram-based startup has over 70 clinics and 250 partners in its cities, with surgeons who have expertise in general surgery, ENT, urology, gynaecology, vascular and cosmetic surgeries. The procedures are performed using advanced laser and laparoscopic techniques and the company claims to have successfully performed over 10,000 surgeries till date.
Sequoia has been one of India’s most active startup investors, with over $4 billion in assets under management across its funds which deploy in India and South East Asia. Mint also reported on Tuesday that Sequoia is in talks to invest $30 million in software-as-a-service firm Whatfix, at a valuation of $150 million.
Source: Mint