Tiger Global is in talks to lead $ 80-100 million funding in Gurugram-based health-tech startup Pristyn Care. The Series D investment is expected to value the three-year-old startup at around $ 500-600 million, said three people with knowledge of the development.
The company, backed by Sequoia Capital, Epic Capital, and Greenoaks among others, had raised Rs 86.14 crore in Series C funding led by Epiq Capital in September last year. In December 2019, the startup had landed $ 12 million in its Series B round while in June 2019 it bagged $ 4 million as part of its Series A fundraising.
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Founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor, and Garima Sawhney, Pristyn Care has more than 80 clinics, over 400 partner hospitals, and around 140 in-house super speciality surgeons for proctology, urology, ENT, gynaecology, vascular, laser, and laparoscopic surgeries.
The company operates in around 22 cities including Delhi NCR, Hyderabad, Bangalore, Chennai, Kolkata, Mumbai, Pune, Lucknow, Kanpur, Chandigarh, Jaipur, Indore, Nagpur, Bhopal, Ludhiana, and Patna among others.
Pristyn is looking to build an ecosystem to deliver surgical care. Besides surgeries, the platform focuses on doctor’s consultation, hospital admission and pre-and-post-surgical follow-ups, among other services.
As the country went into lockdown due to the Covid-19 pandemic last year, Pristyn took to telemedicine and online consultation and reopened its surgery vertical from June 2020 onwards. “Their online consultations have really picked up and the business has also benefited from the latent demand created over the last few months,†said a person with knowledge of the company’s plans.
For Tiger Global, which has been actively investing in Indian startups in the last decade and more, the pace of deploying capital in India has picked up of late. In 2020 alone, the fund invested $ 529 million in Indian startups such as Zomato and Byju’s. According to Tracxn data, 20% of the 76 private equity rounds that Tiger Global participated in 2020 were in India.
Emailed queries sent to a spokesperson of Tiger Global did not elicit any response. Harsimarbir Singh did not respond to queries asking for a comment.
