Healthtech startup CureBay raised around ₹100 Cr ($10.6 Mn) in a pre-Series C funding round, comprising over ₹69 Cr in equity led by IvyCap Ventures alongside existing investors and around ₹30 Cr in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
CureBay cofounder and CEO Priyadarshi Mohapatra told Inc42 that the round came amid strong investor interest. The startup will use the proceeds to expand geographically, strengthen its delivery network and invest in its AI and technology capabilities.
The healthtech startup, which currently operates in Odisha, Chhattisgarh, Jharkhand, Bihar, plans to enter Telangana and Andhra Pradesh markets next. It aims to grow its network of rural clinics from 250 to 800 over the next two to three years.
CureBay connects patients in underserved areas with healthcare providers through a combination of rural clinics, local community health workers and a digital platform linking patients to doctors, hospitals, diagnostic laboratories and pharmacies. It also uses AI-assisted screening and care coordination to support patient care.
The startup is also investing in GPUs and training AI models to screen patients and assess health risks. Its existing AI products cover areas such as skin conditions, dental health and haemoglobin screening, with plans to expand these capabilities.
“We have a full suite of AI products for areas like skin, dental, and haemoglobin. We will keep adding more products and continue investing in width as well as depth,” Mohapatra said.
CureBay also runs Kavach, a subscription programme designed to encourage preventive care by offering consultations and support for medicines, diagnostics and certain hospitalisation-related costs.
The startup claims to have served over 12 Lakh patients and connected more than 270 doctors and 1,000 healthcare professionals across 4,500 pincodes.
Prior to this round, CureBay had raised over $34.6 Mn from investors including Bertelsmann India Investments, British International Investment and Elevar Equity.
While the startup is yet to file its audited FY26 financial statements, Mohapatra said it closed the fiscal year with an annual recurring revenue (ARR) of nearly ₹170 Cr. It aims to double this figure by the end of FY27.
“We broke even at an operating EBITDA level in FY26. Currently, our monthly run rate is about ₹20 Cr, and we expect the number to grow almost 50% from now till March,” he told Inc42.
Mohapatra attributed the growth to customers spending more on CureBay as they increasingly view it as a trusted healthcare partner, alongside the expansion into new markets.
However, the startup remains loss-making at the company level. Mohapatra said entering new markets entails fresh expenditure, while profitability would depend on reaching a more stable operating scale.
“When we stop expanding and we reach a stable state, we will be net positive at a company level. So the important metric for us to track is operating EBITDA,” he said.
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