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CureBay, a healthtech company engaged in facilitating access to primary and modern health services in rural India, has secured a major financial boost for its expansion. The Bhubaneswar-based rural healthcare startup has raised around ₹100 crore (over $10.5 million) in its Pre-Series C funding round. Shortage of doctors, lack of diagnostic facilities and non-availability of medicines has always been a big challenge in remote villages, towns and small cities of the country. Curebay is connecting rural patients with expert doctors and quality medicines in big cities through its ‘Hybrid Clinic Model’ i.e. a combination of physical e-clinic and digital teleconsultation. The company will use the funds from this new funding round to triple its clinic network and develop modern Artificial Intelligence (AI) tools for health check-ups.
The biggest feature of this ₹100 crore funding round from Curebay is that it includes a balanced mix of equity investment as well as institutional venture debt (debt capital).
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Lead Investor (Equity): The round was led by leading venture capital firms IvyCap Ventures Has done. IVCAP, together with the existing shareholders of the company, has raised approximately Equity investment of ₹69 crore Have done.
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Venture Debt Partners: left over Amount more than ₹30 crore Has been raised as venture debt. The country’s top debt funds include—Trifecta Capital, Alteria Capital And VentureSoul Partners—have jointly partnered.
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Old Big Investors: Earlier, Curbay has raised more than $34 million (approximately ₹280 crore) from global investors like Bertelsmann India Investments, British International Investment (BII) and Elevar Equity. The issuance of such a large check by institutional lenders on the rural clinic model reflects the deepening investor confidence in the company’s cash-flow and revenue model of the rural market.
The company will spend a major portion of the funds raised on unprecedented expansion of its ground network.
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Triple expansion of clinics: Currently Curebay is operating around 250 e-clinics in rural areas of Odisha, Chhattisgarh and surrounding states. The company aims to increase the number of these rural health centers within the next three years. reach 800 Is.
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Connectivity of Tier-3 and Tier-4 cities: Through these clinics, village patients get primary doctor consultation, ECG, blood test, urine test and essential medicines under one roof within a radius of 5 to 10 kilometers of their home.
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Referral coordination from major hospitals: If a patient requires a critical illness (tertiary care) or surgery, the company collaborates with its partner hospitals to facilitate transparent arrangements for patient admission, ambulance and treatment.
Curebay is not limited to just opening physical centres, but is also using this capital to strengthen medical technology and AI infrastructure. The company is training its own AI diagnostic and screening models by acquiring high-end graphics processing units (GPUs). Currently the company has developed modern software tools for dermatology, dental and non-invasive testing of hemoglobin levels. With this, the paramedical staff deployed at the rural level can do the initial examination of the patient accurately even without the presence of any senior specialist and can send the data directly to the specialist doctor in the city for tele-review.
Founded in 2021 by Priyadarshi Mahapatra, Shobhan Mahapatra and Sanjay Swain, CureBay has gained tremendous momentum on the business front in the last few years. The company’s revenue for the financial year 2024-25 was recorded at ₹70.41 crore, which was a huge jump of 467% compared to ₹12.4 crore of the previous year. Presently the Annual Recurring Revenue (ARR) of the company is crossing approximately ₹ 170 crore and the company is moving fast towards achieving break-even at the Operating EBITDA level. Company’s rural health protection subscription plan ‘Kavach’ is also becoming quite popular among rural families, providing regular health checkups, free doctor consultation and home-delivery of medicines at concessional rates to the entire family for a nominal annual fee.