Surgery-focused hospital chain Pristyn Care laid-off around 120 employees

Aiming for profitability and an IPO in the coming years, surgery-focused hospital chain Pristyn Care has laid off 7% of its workforce.

Less than 7% of the 1,700 workers, the bulk of whom work in entry-level and support roles, will be impacted by Pristyn Care’s decision to eliminate three unnecessary categories. Additionally, it chose to leave six cities that were failing to provide enough value for the company.

“These changes are essential to align with the company’s strategic vision of efficiency, performance excellence, and long-term sustainability,” said the company in a press release.

Additionally, the company will offer affected workers full notice periods and severance packages, as well as accelerated ESOP vesting for the next three months and extended health insurance coverage for workers and their families for the following six months.

In the last 12 months, the Gurugram-based company has laid off two employees. It fired about forty-five workers in March 2023 due to subpar work.

In the meantime, Pristyn Care has declared its bold intention to turn a profit by FY25. Plans for an IPO by 2027 have been disclosed by the organization.

In the fiscal year that ended in March 2023 or FY23, Pristyn Care was able to increase its operating scale by 44.7% and surpass the Rs 450 crore mark. In the most recent fiscal year, its losses increased by 38.27% to Rs 383 crore. In the last year, the company claims to have cut its marketing expenses by 50%, and in the most recent quarter, it further reduced those expenses by 20%.

The company aims to increase its revenue by 100% annually to Rs 900 crore by 2024. Additionally, it is on track to cut its EBITDA losses by 50% year over year.

In December 2021, Pristyn Care joined the unicorn club by raising about $85 million from partners such as Peak XV Partners and Tiger Global.

In June 2022, the company Lybrate—backed by Tiger Global and Ratan Tata—was also acquired by the company.

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