Monday, July 15, 2024

Pristyn Care Streamlines Operations: Lays Off 120 Employees to Boost Profitability


Pristyn Care Lays Off 120 Employees

In a move aimed at streamlining operations and achieving profitability, Pristyn Care, a healthcare startup based in Delhi NCR, has announced a significant reduction in its workforce. The company, known for providing secondary care surgeries in India and recently in Bangladesh, is taking substantial measures to ensure its viability and future success.

As part of its strategy to redirect its focus towards more lucrative areas, Pristyn Care is laying off approximately 120 employees. This decision reflects the company’s broader efforts to concentrate resources on the most profitable segments of its operations, such as cities and medical specialties that have demonstrated potential for growth and revenue. In addition to workforce reduction, Pristyn Care will also halt its operations in certain cities and medical categories, aiming to optimize its operational efficiency.

Pristyn Care is committed to supporting the affected employees during this transition period. To ease the impact of these layoffs, the company is offering several forms of assistance, including severance packages, accelerated vesting of Employee Stock Ownership Plans (ESOPs), and the continuation of medical insurance coverage for six months. This comprehensive support system underscores Pristyn Care’s dedication to its workforce and its recognition of the contributions made by its employees.

Despite these challenges, Pristyn Care reported a notable increase in operating revenue, reaching Rs 452.8 crore in FY23. However, this growth was accompanied by a higher net loss, prompting the company to pursue a more focused and disciplined approach to its financial management. Looking ahead, Pristyn Care has set ambitious targets to boost its revenue to approximately Rs 900 crore and to halve its Ebitda loss by the close of the current fiscal year.

Since its establishment in 2018, Pristyn Care has expanded its footprint across 30 cities in India, providing access to a wide range of secondary care surgeries through a network of clinics, hospitals, and in-house super-speciality surgeons. The company’s foray into Bangladesh has further extended its reach, contributing to its growth and development. To date, Pristyn Care has attracted substantial investment, securing USD 177 million in funding and achieving unicorn status in late 2021 following a successful Series E funding round.

Looking to the future, Pristyn Care is steadfast in its goals to achieve profitability and prepare for a public offering by 2027. By taking decisive actions to rationalize its operations and focus on areas of strength, the company is positioning itself for long-term success in the highly competitive healthcare sector.

Alex Sterling
Alex Sterling
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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