The round also saw British International Investment (BII) and existing investor Elevar Equity participate.
Launched in 2021, CureBay is an Odisha-based company that aims to provide affordable healthcare services to rural India. Using the funds, it plans to expand its footprint to states like Jharkhand, Bihar, Uttar Pradesh and Madhya Pradesh. Currently, it has a network of over 150 e-clinics across Odisha and Chhattisgarh.
“The latest capital infusion will be deployed to strengthen CureBay’s in-house, proprietary technology stack and expansion across India, while building the right teams to drive its next phase of growth,” the company said in a statement.
Besides, the company will invest in artificial intelligence (AI) and data capabilities for predictive care.
“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. The capital will help us scale technology, talent, and reach to bring dignified, affordable healthcare to the last mile,” said Priyadarshi Mohapatra, founder and CEO of CureBay, in the statement.
CureBay’s e-clinics are satellite clinics located in remote rural locations. These are designed to be asset-light and assistant health care. These clinics have a pharmacist and nurse, along with a few medical devices and point-of-care tests.
“Broadly, (it takes) about Rs 8.5 lakh to set up a clinic. A cluster of 50 clinics will break even in about 18-20 months. Currently, out of the three clusters that we operate in Odisha, two have broken even,” Mohapatra told ET.
CureBay operates on a hybrid model, which has been implemented across 32 districts in Odisha and Chhattisgarh and has served over 5.5 lakh patients since inception.
“We’re excited to partner with CureBay as it builds a differentiated, ecosystem-driven approach to rural healthcare in India,” said Pankaj Makkar, managing director of Bertelsmann India Investments, in the statement.
