Healthtech Unicorn Pristyn Care Suspends Founders Of Lybrate As per sources, the dispute happened over the part of shares to be bought by Pristyn Care and the duo served notice to the Gurugram-based firm early this week

Healthtech platform Pristyn Care has suspended Rahul Narang and Saurabh Arora, the founders of Lybrate Inc., a day after they served a default notice demanding outstanding payment resulting from the acquisition of their company, according to a Mint report. This comes 12 months after its acquisition.

"Pristyn Care has and shall continue to act in accordance with contractual terms and conditions. We would like to emphasize that Pristyn Care has not defaulted on any of its contractual obligations. We would not like to say anything further at this stage," a Pristyn Care spokesperson said in a statement.

Tiger Global-backed Pristyn Care, which runs a network of hospitals and clinics, had acquired Lybrate to enter the primary-care segment. As per sources, the dispute happened over the part of shares to be bought by Pristyn Care and the co-founders served notice to the Gurugram-based healthcare firm early this week. It is said that while investors received the proceeds from the deal, the two founders received only a part payment.

Reportedly, according to Lybrate's founders, Pristyn Care failed to acquire the second tranche of shares in the former. On Tuesday, Arora and Narang served a notice to Pristyn Care's operating entity GHV Advanced Care alleging the company had failed to acquire the second tranche of shares in Lybrate, as agreed in the original share-purchase agreement, the media report cited close sources.

Backed by the likes of Ratan Tata, Tiger Global and Nexus Venture Partners, Lybrate had last raised $3 million from undisclosed investors in 2017. Also, the startup reportedly raised close to $15 million since its inception in 2014.