Curebay raises approx 62 crore in a Series A1 funding from Elevar Equity

To build its data science capabilities and strengthen its diagnostics, pharmacy and Membership verticals

National, 06th Jan 2024 — CureBay, an innovative healthcare start-up focused on solving primary healthcare in remote locations through an innovative hybrid model, has successfully raised approx 62 crore INR in a Series A1 funding round. The round was led by Elevar Equity, their existing investor and saw participation from CureBay founders and some of the leadership team members. The newly raised funding will enable the health-tech innovator to continue creating access to high quality and affordable healthcare in medically underserved locations, build an intelligent and robust health data platform and hire the best tech and healthcare talent in the industry.

As part of its growth strategy, the company aims to focus on driving profitability and data monetization by investing in recurring revenue streams such as its membership program and building its data practice – both in technology and on the go-to-market front. The funding amount will further be used to hire over 200 professionals including data scientists, healthcare experts – specifically in diagnostics and pharmacy and to build their membership program that strongly drives their longitudinal data and affordability initiatives.

Underscoring its commitment to enhancing primary healthcare access in rural India, the fresh funding will also be instrumental in driving CureBay’s ambitious expansion plans over the next 6-12 months, raising its count of clinics – from the existing 90+ – to over 200 across Odisha, Chhattisgarh and entering a new market – Jharkhand.

CureBay has been one of the fastest growing Healthtech startups, constantly delivering on business outcomes and successfully raising funding to stay capitalized even in a difficult funding environment. Expressing gratitude to Elevar Equity for their continued support in the mission to deliver the Right to Health to every citizen, even in the remotest locations of India, Priyadarshi Mohapatra, Founder and CEO of CureBay said,” We are committed to revolutionizing healthcare in remote locations of India by providing affordable and high-quality primary care through a network of satellite health centers that aims to transform the patient experience. Powered by an innovative technology platform, Curebay enables doctors to deliver a high-quality consultation and provides patients with comprehensive care. Our powerful suite of services, previously beyond the reach of most rural Indians, includes assisted doctor consultations, medicine procurement, pathology, hospitalization coordination and medical reimbursement support. Our mission requires aligned capital, and we are excited to partner with Elevar Equity. Their focus on customer-centricity has yielded a deep understanding of the aspirations, priorities and challenges as well as cash-flows of underserved customers. Our hybrid model leverages data and technology, driving affordability and strongly differentiates our approach to solving healthcare challenges at the grassroots level.

Commenting on the announcement, Jyotsna Krishnan, Managing Partner, Elevar Equity, said, “Rural households across India aspire to have streamlined and affordable access to healthcare services. The company’s approach is unique; it does not aim to solely be a telemedicine provider or delivery aggregator. CureBay’s blended distribution model, augmented with technology, is well-positioned to address a massive gap – millions of customers in medically underserved locations are eager to pay for timely, quality healthcare”.

Since its inception in 2021, CureBay has connected over 100,000 patients in underserved areas with healthcare providers through a robust tech-based model. The company currently has 90+, covering close to 32000 villages The platform offers essential healthcare to patients across Odissa and Chattisgarh, addressing doctor consultation, medicine delivery, diagnostics, and tertiary care through a network of partner hospitals