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You are at:Home » Pristine Care in talks to raise up to $100 million in new funding round
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Pristine Care in talks to raise up to $100 million in new funding round

Adnan MaharBy Adnan MaharDecember 31, 2024No Comments3 Mins Read0 Views
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BENGALURU: Peak XV Partners-backed healthtech company Pristine Care is in early talks to raise up to $100 million from new and existing investors, primarily in the first round, three people close to the development said. An official told Mint.

“It’s probably somewhere between $50 million and $100 million, and it could happen in the first half of next year,” one of the people said.

The person added that the company’s valuation has not yet been determined, but the company plans to use the proceeds to expand its business.

The health tech company is also working with bankers to help raise capital and is in active discussions with global investors, high-net-worth individuals and family offices, the second person said, adding He added that there are plans. for the next three years.

Pristine Care did not immediately respond to Mint’s request for comment.

The development comes three years after the company raised $100 million in a Series E funding round that included participation from Tiger Global Management, Hummingbird Ventures, Epic Capital Advisors and others.

The deal also joined the coveted unicorn club in 2021, as the deal took place at a post-money valuation of $1.4 billion, according to market intelligence provider Tracxn.

Peak XV is the company’s largest institutional shareholder. Other backers include Trifecta Capital, Dream Duo, QED Innovation Labs, Amber Winter, First Lap, and Rockstone Ventures.

In general, there is a growing appetite for investment in the healthcare sector in India. Several private equity firms, including Quadria Capital and CrisCapital, have expressed interest in increasing allocations to various healthcare subsegments.

Other big investors are also turning their attention to Indian healthcare as hospital chains expand beyond metropolitan areas. For example, Blackstone Group will make its first investment in the sector with a $1 billion bet on Care Hospitals in 2023, while Swedish company EQT will invest in Indira IVF in 2023 and AIG Hospitals in 2022. strengthened its exposure to this sector through

Meanwhile, Pristine’s direct-to-consumer (D2C) fitness-focused technology brand BeatXP is also aiming to raise between $50 million and $75 million at a valuation of $400 million, Mint reported in February. This comes after the parent company also became embroiled in a legal battle with the founders of Lybrate Inc., a platform it acquired in 2022.

In March, Pristine laid off about 120 people, or 7% of its workforce, across its entry-level and support divisions as part of restructuring efforts aimed at returning to profitability this fiscal year. In 2023, 300 employees were laid off.

Founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor, and Garima Sawhney, Pristyn Care operates under a legal entity called GHV Advanced Care, operates a network of hospitals and clinics through partners, and provides patient-centered healthcare from sickness to health. We provide services.

Operating revenue from 2023 to 2024 is INRcompared to 610 million INRA year ago it was 453 million. Its losses narrowed slightly INRFrom 381 million INR383 million in 2022-23, according to a report by Entrackr.



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Adnan Mahar
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Adnan is a passionate doctor from Pakistan with a keen interest in exploring the world of politics, sports, and international affairs. As an avid reader and lifelong learner, he is deeply committed to sharing insights, perspectives, and thought-provoking ideas. His journey combines a love for knowledge with an analytical approach to current events, aiming to inspire meaningful conversations and broaden understanding across a wide range of topics.

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