Bhubaneswar-based health-tech startup CureBay has raised USD 21 million (~INR 180 crore) in a Series B funding round led by Bertelsmann India Investments, with participation from British International Investment (BII) and existing backer Elevar Equity. The fresh infusion will be used to strengthen its proprietary tech stack, scale operations, and deepen its presence across underserved rural markets in India.
The round was structured with Bertelsmann investing INR 94 crore (~USD 11 million), while BII and Elevar Equity contributed INR 34 crore (~USD 4 million) and INR 31 crore (~USD 3.6 million) respectively, according to regulatory filings. The remaining capital from the round is expected to be received shortly. With this latest funding, CureBay’s post-money valuation is estimated at USD 75 million (~INR 641 crore).
Curebay – Targeting Healthcare Gap
Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain, CureBay is tackling one of India’s most critical gaps — access to quality healthcare in rural and semi-urban areas. Operating a hybrid healthcare model, the company combines a tech-enabled digital platform with a physical network of over 150 e-clinics spread across Odisha and Chhattisgarh.
These “eClinics” function as satellite centers in remote areas, manned by a pharmacist and nurse, and equipped with basic diagnostics and point-of-care tools. CureBay also deploys over 1,000 Swasthya Mitras, a rural workforce that bridges patients with doctors and services across the continuum of care.
Each clinic is asset-light, with setup costs of about INR 8.5 lakh (~USD 10,000). The company follows a “circle” model — clusters of 50 clinics — that are supported by logistics, diagnostics, and local partnerships. According to CEO Priyadarshi Mohapatra, two out of three clusters in Odisha have already achieved operational break-even, with full capital recovery (including EBITDA losses) expected within 30 months.
Scaling Footprint Across India
The capital raised will fuel CureBay’s expansion into Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh — states where access to healthcare remains patchy and out-of-reach for millions. The company aims to bring its blend of affordable, dignified, and continuous care to new geographies by bolstering its workforce and enhancing platform automation.
“With an active network of 150+ eClinics and 1,000+ Swasthya Mitras, we are solving for Bharat, where a large part of the population still lacks access to dependable care,” said Mohapatra. “The capital will help us scale technology, talent, and reach.”
The company’s reach is growing rapidly: CureBay has served over 5,50,000 patients and transitioned more than 1,00,000 rural users into preventive care through a subscription-based health program. Impressively, this program has 90,000 active users, with a renewal rate exceeding 60% — figures rarely seen even in urban-focused healthcare models.
Betting on Tech-Led Preventive and Predictive Care
True to its “tech-first” philosophy, CureBay will channel a significant part of the funding towards enhancing its in-house, proprietary technology stack. This includes investments in AI, generative AI, IoT diagnostics, and workflow automation tools tailored for rural healthcare scenarios. The startup is building systems that support predictive care, early detection, and streamlined patient management.
Bertelsmann’s India chief Pankaj Makkar praised CureBay’s ecosystem-driven approach, saying, “We’re excited to partner with CureBay as it builds a differentiated model for rural healthcare. Unlike fragmented rural solutions, CureBay uniquely integrates consultations, diagnostics, pharmacy access, and surgeries into one seamless experience.”
Strong Financial Growth, But Losses Widen
According to company disclosures, CureBay’s financial trajectory is gaining momentum. For the fiscal year ending March 2024, the firm saw its operating income surge 16x to INR 10.3 crore, up from just INR 63.3 lakh in FY23. However, losses also grew 2.4x to INR 39 crore, reflecting the capital-intensive nature of scaling rural operations.
The company has raised approximately USD 37 million to date, including a USD 7.5 million Series A1 round in January 2024.
CureBay’s Vision
CureBay’s model goes beyond clinical service delivery — it touches on the psychosocial challenges of rural healthcare. Mohapatra notes that many rural patients delay treatment not due to cost, but because of access barriers and loss of daily income. Additionally, many fall prey to “healthcare brokers” when forced to travel to district hospitals, often receiving substandard care.
To combat this, CureBay introduced concierge-style assistance during referrals to tertiary hospitals — ensuring patients are guided through complex healthcare systems like a family doctor would.
Conclusion
With this fresh Series B funding, CureBay is poised to become a defining force in India’s rural healthcare landscape. By combining technology, local workforce engagement, and preventive care, it addresses a segment long neglected by mainstream providers. While profitability may be a few years away, the company’s robust unit economics, fast-growing footprint, and mission-driven execution present a compelling case for investors and policy-makers alike.
As India’s digital public infrastructure expands and rural demand for quality services rises, CureBay’s “Bharat-first” approach may well become the blueprint for inclusive healthcare innovation in the world’s most populous nation.
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