Liquidity Events
Pristyn Care in talks to acquire health tech startup Lybrate: report
Gurugram-based healthcare services unicorn Pristyn Care has provided a term sheet to acquire Faridabad-headquartered digital doctor and pathology test platform Lybrate. The acquisition will mark the entry of 3-year old Pristyn Care - which follows a hybrid model where it sets up its own clinics and utilizes third-party hospital infrastructure to provide surgeries across 10 specialisations - into the doctor and pathology consultation space. Tiger Global is a common investor in both companies. Pristyn Care has already allotted partly paid compulsorily convertible debentures (CCDs) to Saurabh Arora (20,320) and Rahul Narang (10,160) - who are co-founders of Lybrate. Backed by Ratan Tata, Tiger Global and Nexus Venture Partners, Lybrate had last raised $3 million from undisclosed investors in 2017. It has raised close to $15 million since its inception in 2014. While the target company didn't raise any funding in the past five years, it has posted profits in FY20 and FY21. For FY21, Lybrate's operating revenue shrank 32% to Rs 27.16 crore from Rs 39.94 crore in FY20. The firm reported profits of Rs 3 crore during the year (FY21) which grew nearly 40% from Rs 2.13 crore in the preceding fiscal year (FY20).
From the Venture Intelligence PE-VC Deal Database: Since Nov-2019, Pristyn Care has raised USD 165-M from Sequoia Capital India, Tiger Global, Trifecta Capital, Epiq Capital, Hummingbird Ventures, Tenacity Ventures, Greenoaks Capital. It had raised USD 85-M in a Series E round co-led by Sequoia Capital India and Tiger Global in December 2021. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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