Pristyn Care, a chain of multi-speciality clinics for planned surgeries, has raised $53 million in its Series D round of funding led by US-based Tiger Global Management.
The company’s existing investors Sequoia Capital, Hummingbird Ventures and Epiq Capital also participated in this round. The company has been valued at $550 million in this transaction, as per a press statement.
The raised capital will be invested in expanding new surgery specialities with better patient care practices, advancing medical technology and others.
VCCircle had reported in January this year that Pristyn was looking to raise a bigger institutional round of funding and had hired the Indian arm of mid-market investment bank Lincoln International Advisors to scout for potential investors.
“By using technology to deliver differentiated experiences and outcomes, Pristyn has built the leading consumer-centric surgery provider in India. The market opportunity is huge, and we couldn't be more excited to partner with Harsimarbir (Harsh) and his team,” said Scott Shleifer of Tiger Global Management.
Founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor and Garima Sawhney, Pristyn operates an asset-light healthcare platform that houses over 300 expert surgeons with experience of nearly 300,000 surgeries between them.
It currently performs surgeries for over 50 diseases such as piles, gynecology, phimosis, varicose veins, DVT, hernia, sinus, gallstones, cataract. Pristyn operates in over 30 cities across the country.
It provides end-to-end patient-first support services such as diagnostics support, complete health-insurance claim processing, hospital admission paperwork from the comfort of home, cab pick-up and drop for surgery, medicine delivery at home and free post-surgery consultation.
“With this round, we will invest in newer medical technologies to provide world-class treatment and experience to our surgery patients. We will also increase treatments for newer disease lines and get more people access to top-quality medical care across the nation,” said Kapoor, one of the co-founders of the firm.
On Monday, VCCircle reported that Tiger Global is set to seal its second bet in agriculture technology in India
In 2020, Tiger Global was one of the most active venture investors having made 17 deals, according to VCCEdge. It was also one of the few investors to strike more new bets than follow-on ones.
Tiger Global added some prominent names last year to its kitty such as edtech startup Unacademy, which turned into a unicorn in 2020, and fantasy sports platform Dream11.
Other new bets in India last year included video editing startup InVideo, edtech startup InterviewBit and logistics firm LogiNext.
The Covid-19 pandemic has accelerated fundraising in the nascent health-tech sector, with epharmacy even witnessing the beginning of consolidation.
Early this month, the parent of PharmEasy raised $350 million (about Rs 2,566 crore) from Prosus Ventures, TPG Growth and others as part of its Series E round. The round valued the company at $1.2 billion, propelling it into the unicorn club.
Last month, HealthPlix Technologies Pvt Ltd, which runs an artificial intelligence-based medical records platform, raised $13.5 million as part of its ongoing Series B round.
In February, MediBuddy, formerly DocsApp, said it had closed its Series B round of $40 million.