Healthtech unicorn Pristyn Care, with its asset-light, tech-enabled surgical network, is making a big shift from a partnership model to hospital ownership model and is looking to go public by FY 2027-28 (FY28. Founded in 2018 by Dr. Vaibhav Kapoor, Harsimarbir (Harsh) Singh and Dr. Garima Sawhney, the company is all set to change its business trajectory with big infrastructure investments and operational targets.
From Asset-Light to Ownership: Business Model Shift
Pristyn Care had been operating by partnering with existing hospitals across India, leveraging its in-house surgical expertise, proprietary technology and patient management systems. 80,000 to 90,000 surgeries were being conducted every year using Pristyn’s own doctors and equipment while partner hospitals provided operation theatres and infrastructure.
But in a big strategic move, Pristyn has started direct hospital ownership, which is a shift to vertical integration. The company has launched three new hospitals – two in Delhi (Safdarjung Enclave and Malviya Nagar) and one in Gurugram – in just 75 days and now has five owned hospitals.
These facilities have modular operating theatres, critical care units, specialised diagnostic labs, IVF laboratories, and dermatology suites to build an integrated patient centric healthcare ecosystem.
Aggressive Expansion: 50 Hospitals by FY28
Pristyn Care has a aggressive expansion plan. By March 2026, the company plans to launch 17 more hospitals, all 50-60 bed super speciality hospitals focused on secondary care surgeries – kidney stones, gall bladder, hernias and more.
In total, Pristyn plans to open 50 hospitals across India in next 3 years with target cities being Mumbai, Bengaluru, Hyderabad, Pune, Chennai, Ahmedabad, Patna, Chandigarh and Coimbatore.
To support this expansion, Pristyn will hire over 3,500 healthcare professionals including 750+ doctors. The hospital chain will continue to specialise in general surgery, orthopaedics, ophthalmology, urology, gynaecology, plastic surgery, and now IVF and dermatology.
Financials and Path to Profitability
Despite clocking INR 632 crore in revenue in FY24 (a 28.03% increase YoY), Pristyn Care’s net loss remained flat at approximately INR 381 crore, similar to its FY23 figure.
However, the company reported a 42% reduction in EBITDA burn in its core surgery business in FY24 and aims to further reduce this by 60% in FY25. Management is optimistic about achieving profitability by FY26 and laying the foundation for a Dalal Street listing by FY28.
A key milestone in this journey was the early profitability of its first owned hospital in South Delhi, which reportedly achieved double-digit margins within weeks of its launch, and still operates with 30% additional capacity, indicating room for growth without sacrificing operational efficiency.
Pristyn Care Vision for FY28
With the launch of 50 hospitals and national expansion underway, Pristyn Care has set ambitious performance goals. By FY28, the company targets:
- Revenue: INR 2,000 crore
- EBITDA Margin: 20%
- Hospital Count: 50 owned facilities
- Surgeries: Over 150,000 annually
The company’s co-founder Harsimarbir Singh stated, “We’ve always had demand and a robust patient base. Now, by owning and operating our infrastructure, we can control patient outcomes, reduce costs, and boost profitability.”
Pristyn also aims to optimize the entire surgical journey through technology—accelerating insurance processing, enabling express discharge, and freeing up doctors to focus more on care than administration.
Market Position and Investor Backing
Pristyn Care became a unicorn in 2021 after a USD 96 million (~INR 815 crore) Series E funding and as of June 2024 is valued at USD 1.4 billion. Its investors include Peak XV Partners (Sequoia), Tiger Global, Hummingbird Ventures, Winter Capital and Epiq Capital with total capital raised of USD 177 million (~INR 1,503 crore).
With India’s healthcare market projected to hit USD 638 billion by FY26, Pristyn’s expansion comes at a pivotal time, especially with rising medical inflation and uneven service distribution across regions.
Final Word
As Pristyn Care races towards an IPO in FY28, it is rewriting the playbook for healthtech startups in India. With vertical integration, cutting-edge infrastructure, and a clear roadmap to profitability, the startup is aligning itself not only for financial success but also for significant impact on the Indian healthcare ecosystem. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.