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Health-tech platform Curebay is set to raise Rs 159 crore (approximately $18.7 million) in its Series B round led by Bertelsmann with the participation of British International Investment and existing investor Elevar Equity.
The board at Curebay passed a resolution to issue 13,28,119 Series B CCPS at an issue price of Rs 1,197.22 each to raise Rs 159 crore or $18.7 million, its regulatory filing source from the Registrar of Companies (RoC) shows.
Bertelsmann will lead the round with an investment of Rs 94 crore ($11 million), while British International Investment and early backer Elevar Equity will contribute Rs 34 crore and Rs 31 crore, respectively.
As per Entrackr’s estimates, Curebay will be valued at Rs 625 crore ($73.5 million) post-allotment, reflecting a flat valuation as compared to the previous round. The company may raise more funds in this round.
Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, CureBay delivers last-mile primary healthcare through a tech-enabled network of e-clinics in small towns and villages.
Its hybrid model allows users to book appointments, access teleconsultations, get medicines delivered, undergo diagnostics, and arrange tertiary care admissions with partner hospitals through a transparent booking system and concierge support.
As per startup data intelligence platform TheKredible, the Bhubaneswar-based company has raised around $16 million to date, including its $7.5 million Series A1 round raised in January 2024.
For the fiscal year ending March 2024, Curebay reported over 16X jump in operating income to 10.3 crore up from Rs 63.3 lakh in FY23. However, the company’s losses also expanded over 2.4X to Rs 39 crore during the same period. It is yet to disclose its FY25 numbers.
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