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CureBay, a hybrid healthcare platform, has raised $21 million in its Series B funding round, led by Bertelsmann India Investments. The round saw participation from existing investor Elevar Equity, along with British International Investment.
The latest capital infusion will be deployed to strengthen CureBay’s in-house proprietary technology stack and support its expansion across India, CureBay said in a press release. The company is utilising its AI and data capabilities to improve predictive care and operational efficiency. It aims to expand its footprint to new states, including Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh. It will also invest in platform upgrades, proprietary algorithms, and rural-first workflow automation tools.
The company’s regulatory filings show that Bertelsmann will invest around Rs 94 crore ($11 million), while British International Investment and early backer Elevar Equity will contribute Rs 34 crore ($4 million) and Rs 31 crore ($3.6 million), respectively. The remaining capital is yet to be received.
According to Entrackr’s estimates, CureBay will be valued at around $75 million post-allotment.
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.
The company provides quality, accessible, and affordable services for doctor consultations, diagnostics, pharmacy, and tertiary care for rural households through its network of more than 150 eClinics operational across Odisha and Chhattisgarh. Its preventive health program boasts 90,000 active members, with a renewal rate exceeding 60%.
According to startup data intelligence platform TheKredible, CureBay has raised around $37 million to date, including its $7.5 million Series A1 round raised in January 2024.
For the fiscal year ending March 2024, CureBay reported a more than 16x jump in operating income to Rs 10.3 crore 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.
The firm recently announced that its Balasore and Puri Circles have achieved operational profitability.
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