Health-tech startup CureBay raises ₹50 crore in Series A funding led by Elevar Equity

• CureBay will use the funds to acquire skilled talent, expand to new locations and further strengthen the tech platform and care delivery model.
• Odisha-based CureBay offers affordable healthcare services for rural areas.

CureBay, an Odisha-based health-tech startup on Wednesday said that it had raised ₹50 crore in a Series A funding round led by Elevar Equity, a US-based private equity firm.

CureBay plans on launching 100 eClinics in the next twelve months and will use the funds raised to acquire skilled talent, expand to new locations and further strengthen the tech platform and care delivery model. CureBay currently has 15 eClinics across remote districts and villages in Odisha, which has reportedly helped over 10,000 patients.

“The capital will enable the next phase of expansion and help reinforce our position in the country,” said Priyadarshi Mohapatra, founder and chief executive officer, CureBay.

Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain, CureBay offers affordable healthcare services for rural areas. It enables last-mile distribution of primary healthcare services by leveraging its eClinics and technology, making healthcare accessible in small towns and villages.

“With CureBay, we intend to empower the healthcare system and make it accessible to patients who lack information and proper medical resources. Our hybrid model helps in overcoming the challenges of skewed patient-provider ratios and the concentration of providers in a few urban pockets,” added Priyadarshi Mohapatra.

CureBay’s hybrid model

CureBay uses a hybrid model to offer primary healthcare services. It allows users to schedule appointments, provides teleconsultations, delivers medicine, offers diagnostic services and provides admission of patients for tertiary care with its partner hospitals through a booking model.

CureBay hires trained healthcare workers at its clinics who assist walk-in patients in connecting with city-based doctors for consultations. The eClinics also offer diagnostic services through partner labs and deliver medicines.

“We at Elevar Equity have long held the view that rural healthcare platforms need to be custom-designed for this market. CureBay's blended distribution model with assisted tech is well-positioned to address a massive gap - millions of customers are eager to pay for quality healthcare in medically underserved areas,” said Jyotsna Krishnan, managing partner, Elevar Equity.

SEE ALSO:

Democratising commerce: ONDC could be the UPI moment for small retailers, MSMEs

Zoho to double down R&D but keep tech hiring ‘slow’

Archean Chemical Industries IPO opens — 10 things to know before you subscribe to it