Healthtech unicorn Pristyn Care has commenced operations in Bangladesh, setting aside INR 100 Cr for the next two years of expansion in the neighbouring country.
The startup, which specialises in surgical treatments, plans to have five patient care centres in Dhaka and Chattogram (Chittagong) by the end of FY24. Pristyn Care also aims to hire 200 employees across various departments in Bangladesh as part of the plans.
“With the country’s (Bangladesh) healthcare market expected to reach $14 Bn by the end of 2023, we are committed to the growth of healthcare in Bangladesh. Over the next two years, we’ll invest INR 100 Cr to establish a robust healthcare infrastructure,” said Pristyn Care cofounder Harsimarbir Singh.
The startup also told Inc42 that it has been running a pilot in Dhaka for the past three months, having partnered with five hospitals in the Bangladeshi capital. The startup has a team of 35 care coordinators already working out of Dhaka, coordinating surgeries and primary care.
Founded by Singh, Dr Vaibhav Kapoor, and Dr Garima Sawhney in 2018, Pristyn Care offers advanced secondary care surgeries through its network of more than 800 hospitals, over 200 clinics, and 400+ in-house super-speciality surgeons. The startup claims that it provides treatment for over 50 diseases across 42 cities, having treated 150K+ patients so far.
Pristyn Care entered the unicorn club in late 2021 after raising $96 Mn in its Series E round from Peak XV Partners (then Sequoia Capital India), Tiger Global, Winter Capital, Eriq Capital and Hummingbird Ventures at a valuation of $1.4 Bn. The Gurugram-based startup has raised a total funding of over $177 Mn to date.
Last year, Pristyn Care acquired New Delhi-based healthcare startup Lybrate for an undisclosed amount. The healthtech unicorn competes against the likes of MediBuddy, Practo and PharmEasy.
Trouble Simmering Underneath
The startup was shrouded in controversy in March this year as it fired 300-350 employees across departments, Inc42 had exclusively reported at the time. The layoffs impacted sales, tech and product teams, according to Inc42 sources.
Inc42 further learnt that GST officials visited Pristyn Care’s office a few months ago seeking clarifications about the startup’s operations. The healthtech startup said the department had some simple questions about its business model.
While the startup has not filed its financial statement for financial year 2021-22 (FY22) with the Ministry of Corporate Affairs (MCA), it reported a loss of INR 63.5 Cr in FY21 on operating revenue of INR 96 Cr.
The healthtech unicorn was also shaken last month as it reportedly suspended the founders of Lybrate for filing a default notice against the startup. The cofounders – Rahul Narang and Saurabh Arora – were shown the door for filing a default notice against Pristyn Care for outstanding payments emanating out of the acquisition deal.
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