Pristyn Care Revenue Surges 28% to ₹632 Cr, Eyes IPO

Pristyn Care, the Indian healthtech unicorn, saw its consolidated revenue climb 28% to Rs 632 crore in FY24, despite persistent net losses. This growth comes as the company pivots to owning and operating its own hospitals, a significant strategic shift.

Founded in August 2018 by Harsimarbir Singh, Dr. Vaibhav Kapoor, and Dr. Garima Sawhney, Pristyn Care focuses on simplifying secondary-care surgeries. The firm initially expanded rapidly using an asset-light model across over 30 cities.

Key Financials and Valuation Trajectory

• Pristyn Care achieved unicorn status in December 2020 with a valuation around $1.2 billion.
• Its valuation peaked at $1.4 billion in December 2021.
• As of November 2025, the company’s valuation stands at approximately $1.17 billion.
• Total funding raised exceeds $180 million across seven rounds.
• Net losses for FY24 remained substantial at approximately Rs 381 crore.

The company’s pivot towards owning its hospitals aims to gain end-to-end control over the patient experience and improve margins. This transition, however, introduces new capital and operational costs to its balance sheet.

IPO Ambitions and Operational Challenges

Pristyn Care is targeting an IPO by FY28, a goal revised from an earlier FY27 target. Achieving profitability and demonstrating the success of its owned-hospital model are critical for this public listing.

• Customer acquisition costs were high in FY24, with Rs 1.69 spent for every Rs 1 earned.
• The company has also faced public criticism regarding work-hour expectations and layoffs.
• Strategically, Pristyn Care exited less profitable categories such as dental, dermatology, and physiotherapy.

This focus on higher-margin surgical specialties and the reduction of customer acquisition costs are crucial milestones for Pristyn Care’s path towards its eventual public market debut.