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Home Gadgets Tiger Global invests $40 million in Pristyn Care

Tiger Global invests $40 million in Pristyn Care


New York-based Tiger Global has invested greater than $40 million in Pristyn Care in a brand new spherical of funding whereby the Gurgaon-based healthcare startup raised $53 million at a valuation of over $550 million.

Current buyers Sequoia Capital India, Hummingbird Ventures, and Epiq Capital additionally participated within the Sequence D fundraise.

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ET had first
reported about this funding spherical in its March 2 version.

The spherical had a minor secondary element of near one million {dollars} which noticed some workers take house small checks, Pristyn Care cofounder Harsimarbir Singh advised ET.

With this spherical, whole funds raised by the three-year-old startup, which runs greater than 100 well being clinics throughout the nation, stand at $81 million. Its valuation has doubled in six months.

Pristyn Care, which Singh cofounded with docs Vaibhav Kapoor and Garima Sawhney, differentiates itself from hospital chains by offering end-to-end help providers reminiscent of diagnostics help, medical health insurance declare processing, hospital admission paperwork, cab pick-up and drop for surgical procedure, medication supply at house, and free post-surgery session.

It has partnered with greater than 400 hospitals in about 30 cities together with Delhi NCR, Hyderabad, Bengaluru, Chennai, Kolkata, and Mumbai, and supplies surgical procedures and coverings for proctology, urology, ENT, gynaecology, vascular, laser, amongst others.

Pristyn Care plans to utilise the funds to develop into new surgical procedure specialties, advancing medical know-how and minimally invasive surgical procedures, and going deeper in geographical unfold and model constructing.

Additionally it is doubling down on its know-how choices and constructing an digital medical document (EMR) service, which it is going to roll out by finish of this month.

“The most important factor we’re bullish on in the present day is investing in software program,” Singh stated. “We’re launching EMR service just for our clinics the place it turns into fully paperless.”

The corporate clocked 20,000 surgical procedures in 2020 and plans to quadruple the quantity this 12 months. It has near 200 full-time surgeons amongst 1,050 workers. It plans so as to add 200-300 extra workers this 12 months.

Pristyn Care runs a full stack lending programme with companions reminiscent of HDFC Financial institution and a few non-banking monetary establishments. About 20% of its prospects sometimes go for surgical procedure financing.

Scott Shleifer, accomplice at Tiger Global Management, stated Pristyn Care has emerged a number one consumer-centric surgical procedure supplier within the nation “through the use of know-how to ship differentiated experiences and outcomes”. He stated market alternative for the corporate is big.

Pristyn Care took to telemedicine and on-line session when the Covid-19 outbreak and resultant lockdowns hit the healthcare enterprise final 12 months. It reopened its surgical procedure vertical from June.

Singh stated the corporate recovered to pre-Covid ranges in September final 12 months when it raised its $12 million spherical. “Since then, we now have grown almost 200% and our enterprise is greater than double of pre-Covid ranges in the present day,” he advised ET. “So, in fact, there was a wrestle, however I believe it went into doing quite a lot of work.”

Healthtech and life science startups have raised about $518 million up to now in 2021 throughout 38 rounds, surpassing final 12 months’s $514 million throughout 161 rounds, in accordance with information offered by trade tracker Traxcn.

With this investment, Tiger International has invested in about 11 startups this 12 months, 5 of which have turn into unicorns.

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