Healthcare Startup Pristyn Care Is Eyeing Profitability and an IPO

Pristyn Care is a healthcare startup offering both surgical and non-surgical treatments for a variety of medical conditions, including ENT, gynaecology, urology, and more. Established in 2018 by Harsimarbir Singh, Vaibhav Kapoor, and Garima Sawhney, the startup aims to democratize healthcare by making it accessible, affordable, and hassle-free for all.

Operating on an asset-light model, Pristyn Care collaborates with hospitals, doctors, and diagnostic centers to provide comprehensive services to patients. These services range from consultation and diagnosis to surgery, post-operative care, and insurance coverage. The startup boasts of serving over 150,000 patients across 30 cities in India.

Having secured over $100 million in funding from investors like Sequoia Capital, Hummingbird Ventures, Epiq Capital, and Greenoaks Capital, Pristyn Care achieved unicorn status in December 2020, with a valuation of $1.2 billion (approx INR 994 crores).

Related: Pristyn Care Surpasses Rs 450 Crore Milestone with 44.70% Growth in FY23

Recently, Pristyn Care made headlines by announcing the layoff of approximately 120 employees, constituting 7% of its workforce. This move comes as part of the company’s restructuring and cost-cutting efforts.

The layoffs affected employees across various departments, including sales, marketing, customer service, and operations. Additionally, the startup decided to withdraw from six cities and discontinue operations in three categories – dental, dermatology, and physiotherapy. These decisions were made to optimize resources and enhance efficiency and productivity.

In a statement, Harsimarbir Singh, the co-founder and CEO of Pristyn Care, acknowledged the difficulty of the decision but emphasized its necessity for the company’s long-term sustainability and growth. He assured that adequate severance packages and outplacement support were provided to the affected employees.

Despite the layoffs, Pristyn Care remains focused on its ambitious expansion plans. The startup aims to quadruple its revenue and achieve profitability by fiscal year 2025. Additionally, it is striving to become a leading player in the healthcare sector in India and beyond by going public by 2027.

With a bullish outlook on the healthcare sector, projected to reach $372 billion by 2022, Pristyn Care sees significant opportunities to address the demand-supply gap, particularly in surgical and non-surgical segments. The company is investing in technology, data, and analytics to enhance customer experience, operational efficiency, and clinical outcomes.

Furthermore, Pristyn Care is exploring new avenues such as telemedicine, home healthcare, and preventive care to diversify its offerings and cater to evolving customer needs.

Pristyn Care is a healthcare startup committed to making healthcare accessible, affordable, and hassle-free for all. While recent layoffs and restructuring aim to streamline operations and achieve profitability, the company remains optimistic about its future growth prospects. With a focus on innovation, technology, and customer-centric solutions, Pristyn Care is poised to play a significant role in shaping the future of healthcare in India and beyond.