Indian healthtech startup Pristyn Care enters unicorn club after $85m fundraise: report

Gurugram-based healthtech startup Pristyn Care is said to have entered the unicorn club after raising about $85 million (Rs 641 crore) in a Series E funding round led by venture capital firm Sequoia Capital.

Other investors who participated in the round include: Tiger Global Management, Hummingbird Ventures, Epiq Capital, QED, and Amber Winter.

As part of the latest round, Pristyn Care has issued 1,266 Series E compulsory convertible preference shares at a face value of Rs50 and a premium of Rs 5,019,030 per share to raise Rs 635.41 crore, Entrackr reported citing the company’s latest filings. The company also approved the issuance of 105 equity shares to raise Rs 5.27 crore.

Sequoia Capital contributed Rs 223.85 crore to the round followed by Tiger Global, which invested about Rs 150 crore. Amber winter Ltd and Hummingbird Opportunity Fund pumped in Rs 111.92 crore and Rs 59.73 crore respectively, while Trifecta and Dream Duo LLP put in Rs 37.64 crore each.

The aforesaid funds have been raised at a post-money valuation of $1.3 billion, the report added.

Pristyn Care had seen its valuation touch $550 million after it raised $53 million in a Series D round led by Tiger Global in April this year. Existing investors Sequoia Capital, Hummingbird Ventures, and Epiq Capital had also participated in that fundraising.

Founded in 2018 by Dr Vaibhav Kapoor, Dr Garima Sawhney, and Harsimarbir Singh, Pristyn Care provides surgeries for over 50 diseases including hernia, sinus, gallstones, and cataracts, using medical technology such as laser and laparoscopy. The company is present in more than 30 cities and towns. It runs close to 100 clinics and operates in more than 400 hospitals, through a network of more than 300 medical experts.

Pristyn Care has become the 42nd Indian startup to turn unicorn (startups valued at $1 billion and above) this year.

In November, at least seven startups made it to the unicorn club including, content-to-commerce platform Good Glamm, fitness startup Curefit, e-commerce rollup firm Mensa Brands, real estate platform NoBroker, used car buying platform Spinny, online brokerage startup Upstox, and fintech startup Slice.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.