Bhubaneswar: CureBay has successfully raised approximately Rs 62 crore 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 monetisation by investing in recurring revenue streams such as its membership programme 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 programme 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 six to 12 months, raising its count of clinics – from the existing 90+ to over 200 across Odisha, Chhattisgarh and entering a new market – Jharkhand.
Priyadarshi Mohapatra, Founder and CEO, CureBay said, “Our powerful suite of services, previously beyond the reach of most rural Indians, includes assisted doctor consultations, medicine procurement, pathology, hospitalisation coordination and medical reimbursement support. Our mission requires aligned capital, and we are excited to partner with Elevar Equity. 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.”