Healthtech Startup CureBay Secures $7.4 Mn to Serve Remote India with Healthcare Access

The startup plans to utilise the funds to develop a robust health data platform and hire more than 200 professionals, including data scientists, diagnostics experts, and pharmacy professionals.

Healthtech startup CureBay has raised INR 62 Cr (approximately $7.4 million) in its recent Series A1 funding round, led by existing investor Elevar Equity. The funding includes contributions from CureBay's founders and select members of its leadership team.

The startup plans to utilise the funds to develop a robust health data platform and hire more than 200 professionals, including data scientists, diagnostics experts, and pharmacy professionals.

CureBay, founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain, operates on a hybrid model. It combines teleconsultation services with doctors and healthcare services through a network of microsatellite centers. This approach enables all healthcare providers to offer their services on the platform, extending healthcare access to remote locations.

The startup focuses on using technology to empower doctors to deliver high-quality consultations and provide patients with comprehensive care. Its services include assisted doctor consultations, medicine procurement, pathology, hospitalisation coordination, and medical reimbursement support.

This funding round follows CureBay's INR 50 Cr ($6.1 million) Series A funding in 2022, also led by Elevar Equity. 

Those funds were earmarked for building 85 clinics, expanding the team, and increasing the company's presence in different locations.

CureBay has a strategic plan for growth, emphasising profitability and data monetisation through recurring revenue streams including its membership program and data practice. 

The startup aims to increase its clinic count from the current 90+ to over 200 across Odisha and Chhattisgarh and expand into the new state of Jharkhand.

In its mission to bridge healthcare gaps, CureBay has already connected over 1,00,000 patients from underserved areas with healthcare providers. The startup's clinics currently cover nearly 32,000 villages in India.

Reflecting on the startup's growth trajectory, CEO Priyadarshi Mohapatra stated, “We were committed to transforming healthcare in remote India by providing affordable and high-quality primary care through a network of satellite health centers, aiming to enhance the patient experience.”

In related news, Larkai Healthcare, a global medtech firm, recently secured $500,000 in a seed funding round. The investment, led by FAAD Network, aims to support Larkai Healthcare's mission of revolutionising healthcare accessibility and efficiency through AI-backed solutions.

Last year, in December, Peptris Technologies, a Bengaluru-based firm, received $1 million in Pre-Seed funding led by Speciale Invest. The funds will be used to advance AI-driven solutions in drug development, focusing on therapies for undruggable targets, especially in oncology, inflammation, and rare diseases.