In a restructuring bid, healthtech unicorn start-up Pristyn Care has reduced its workforce by seven per cent as the company eyes profitability and initial public offering in the next few years.

The healthtech unicorn decision will impact 120 employees with the majority in entry-level and support functions. The company aims to turn profitable in FY25 before going public in 2027.

The affected employees will receive a severance package based on their notice period and the company will also accelerate vesting of their ESOPs. It has also extended the medical insurance coverage for the affected employees and their families for the next six months.

With focus on profitability, the Delhi-based healthtech unicorn has been exiting from cities and discontinuing categories. Pristyn Care has exited six cities that were not adding adequate value to the business. Furthermore, its offerings have been streamlined by discontinuing three redundant categories and redirecting focus towards 20 larger and more profitable ones.

“Pristyn Care has embarked on a transformative journey, undergoing a comprehensive operational overhaul. This initiative focuses on streamlining operations, enhancing efficiency, and elevating patient care across various domains such as care coordination, medical practices, hospital partnerships, insurance, marketing, and technological advancements,” said the company in a statement.

The start-up’s consolidated total income increased to ₹494 crore in FY23 from ₹339 crore in the previous fiscal year. The start-up is now eyeing to end the ongoing fiscal year with around ₹900 crore revenue, while bringing down EBITDA loss by 50 per cent.

Founded in 2018 by Harsimarbir Singh, Dr Vaibhav Kapoor, and Dr Garima Sawhney, the company offers secondary care surgeries through its network of more than 200 clinics, 700 hospitals, and a team of over 400 in-house super-speciality surgeons across 30 cities in India. It has raised $177 million across multiple funding rounds till date.

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