CureBay, a technology-driven hybrid healthcare platform, said Thursday it has secured about Rs 100 crore ($10.5 million) in a pre-Series C funding round led by IvyCap Ventures to scale its infrastructure across rural parts of India.
The company, which says it is building a “rural healthcare operating system," said it raised Rs 69 crore in equity funding led by IvyCap and other existing investors, and another Rs 30 crore in debt from venture debt firms Trifecta Capital, Alteria Capital and VentureSoul Partners.
The fresh capital infusion comes around a year and a half after the company raised $21 million (Rs 179.4 crore) in a Series B funding round led by Bertelsmann India Investments. Its other investors include Elevar Equity and British International Investments.
With the fresh funding, Curebay aims to expand its presence across India and strengthen its delivery network. The company plans to deepen its proprietary technology and AI capabilities, including its intelligence layer, to strengthen screening, health insights, and clinical decision-making.
Over the next two-three years, the company aims to extend its presence beyond Odisha, covering Chhattisgarh, Jharkhand, Andhra Pradesh, Telangana, Madhya Pradesh, eastern Uttar Pradesh, and West Bengal, Priyadarshi Mohapatra, founder and CEO of CureBay, told VCCircle in an interaction.
Launched in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain, CureBay says it has built a six-layer integrated rural healthcare “operating system” that connects prevention, screening and care through a coordinated system. It spans IoT-enabled clinics, the Swasthya Mitra network of digital franchisees, a connected digital platform, AI-driven screening and risk alerts, a 24/7 command centre, and the annual healthcare subscription program CureBay Kavach.
In March, Curebay acquired Saveo Healthtech's pharmacy distribution business for an undisclosed sum, bringing the drug distribution network across several South Indian states into its fold.
According to the company, the operating system is deployed via more than 250 technology-enabled clinics across seven states, supported by over 1,800 Swasthya Mitras, 530-plus trained clinical staff, more than 230 doctor partners, and over 210 partner hospitals and laboratories.
Mohapatra said the company closed last financial year with an annual recurring revenue (ARR) of close to Rs 180-190 crore, though he stopped short of providing exact figures. In the current financial year, Curebay expects 100% growth and is aiming for EBITDA break-even at a company level.
The company follows a cluster-based approach to its clinics, where 10 clinics form a cluster, and five clusters or 50 clinics form a circle, Mohapatra explained. This density is necessary to partner with local hospitals, diagnostics, and rider networks efficiently. The clinics typically break even within 12 to 18 months, he said, adding that its operations in cities such as Puri and Cuttack in Odisha are already profitable.