CureBay: Raises about Rs 100 crore, led by IvyCap Ventures

Bhubaneswar-based rural healthcare company CureBay has raised about Rs 100 crore in a pre-Series C funding round led by IvyCap Ventures, YourStory reported. The financing includes Rs 69 crore in equity from IvyCap and existing investors, alongside more than Rs 30 crore in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.

CureBay said it would use the funds to expand across India, strengthen its healthcare delivery network and develop its technology and artificial intelligence capabilities, according to YourStory. The technology investment includes its Intelligence Layer, a system intended to support patient screening, health insights and clinical decision-making.

The Rs 100 crore headline total is approximate. YourStory and CNBC-TV18 reported a debt component of more than Rs 30 crore, while VCCircle put it at Rs 30 crore. All three reports identified Rs 69 crore in equity and named the same three debt providers.

Expansion targets include Uttar Pradesh

CureBay plans to increase its clinic network from more than 250 to 800 over the next two to three years, focusing on Uttar Pradesh, Telangana and Andhra Pradesh, CNBC-TV18 reported. The 800-clinic figure is a target, not the number of facilities already operating.

Founder and chief executive Priyadarshi Mohapatra described a broader geographical ambition in an interaction with VCCircle. He said CureBay aimed to extend its presence beyond Odisha across Chhattisgarh, Jharkhand, Andhra Pradesh, Telangana, Madhya Pradesh, eastern Uttar Pradesh and West Bengal over the next two to three years.

Fortune India reported that CureBay had entered Bihar by opening its first technology-enabled clinic in Begusarai. The publication also reported that the company was strengthening its presence in Jharkhand through Berlin Diagnostics & Daycare. Those developments are separate from its longer-term clinic expansion target.

Explaining the investment’s purpose, Mohapatra said, according to YourStory: “Rural Bharat doesn’t need another app; it needs a system that works end to end, from the Swasthya Mitra at the doorstep to the specialist in the city.”

IvyCap founder and managing partner Vikram Gupta identified CureBay’s combination of technology and an on-ground healthcare network as the rationale for the investment, YourStory reported. He said the firm saw potential in that approach to widening healthcare access in underserved communities.

Clinics connect patients with a wider care network

Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain, CureBay combines physical clinics with digital services, YourStory reported. Its model extends beyond remote consultations by connecting clinics, local intermediaries and partner healthcare providers through a digital platform.

According to company figures reported by VCCircle, CureBay’s network covers seven states. It is supported by more than 1,800 Swasthya Mitras, over 530 trained clinical staff, more than 230 doctor partners and over 210 partner hospitals and laboratories. VCCircle described the Swasthya Mitras as digital franchisees within the network.

CureBay said it had served more than 17 lakh patients and conducted over 400 health camps each month, YourStory reported. These company-reported figures describe the reach of its services, rather than treatment outcomes.

Fortune India reported that the company’s services include doctor consultations, medicine delivery, diagnostic tests, surgery facilitation and support during hospital admission and discharge. Its system also includes a round-the-clock command centre and CureBay Kavach, an annual healthcare membership.

The AI investment is intended to strengthen screening, risk alerts and clinical decision support, according to CureBay’s account reported by YourStory. These are the company’s stated purposes for the technology, not evidence that the funding has already improved clinical outcomes.

The cost of building clinic clusters

Setting up a clinic costs approximately Rs 8.5 lakh, while monthly operating expenses range from Rs 35,000 to Rs 55,000, CureBay said, according to CNBC-TV18. The publication reported that the business earns revenue from paid consultations, medicine sales, diagnostic services and referral fees from partner hospitals. Memberships and government-linked healthcare programmes provide additional revenue streams.

Mohapatra told VCCircle that CureBay organises 10 clinics into a cluster and five clusters, or 50 clinics, into a circle. He said this concentration of facilities helps the company work efficiently with local hospitals, diagnostic providers and rider networks.

The two publications reported different break-even measures. Mohapatra told VCCircle that individual clinics typically break even within 12 to 18 months. CNBC-TV18 reported CureBay’s estimate of 18 to 20 months for a group of around 50 clinics.

Break-even means revenue covers costs at the level being measured. The individual-clinic estimate and the estimate for a larger group of facilities therefore describe different operating units; neither establishes profitability for CureBay as a whole.

Earlier investment backed clinics and technology

Earlier funding rounds also supported CureBay’s combination of physical healthcare infrastructure and technology. In a report published on 8 January 2024, ETHealthWorld said the company had raised approximately Rs 62 crore in a Series A1 round led by existing investor Elevar Equity. CureBay’s founders and members of its leadership team also participated.

At that time, CureBay planned to increase its network from more than 90 clinics to over 200 across Odisha, Chhattisgarh and Jharkhand, ETHealthWorld reported. The proposed uses of the funding included building a health data platform, recruitment and developing its membership programme.

VCCircle reported that a subsequent Series B round raised $21 million, or Rs 179.4 crore, led by Bertelsmann India Investments. The reports on the pre-Series C financing do not disclose CureBay’s valuation, the equity stake acquired by investors or the interest rates and repayment terms attached to the debt.