CureBay, a pioneering hybrid healthcare platform dedicated to serving India’s underserved rural population, has announced a significant milestone: a successful Series B funding round raising $21 million. Led by Bertelsmann India Investments, the round also saw strong participation from existing investor Elevar Equity and new entrant British International Investment. This substantial capital infusion marks a pivotal moment for CureBay as it gears up to expand its reach and further enhance its innovative healthcare solutions across the nation.
CureBay Fueling Growth and Technological Advancement
The newly acquired funds are earmarked for strategic investments that will solidify CureBay’s position as a leader in rural healthcare. A primary focus will be on strengthening its in-house proprietary technology stack. This includes significant investment in platform upgrades, the development of advanced proprietary algorithms, and the creation of rural-first workflow automation tools. By leveraging cutting-edge AI and data capabilities, CureBay aims to enhance predictive care and optimize operational efficiency, ultimately leading to better health outcomes for its members.
CureBay Expanding Access: A National Vision
CureBay’s commitment to providing last-mile primary healthcare is at the heart of its expansion strategy. With this fresh capital, the company plans to significantly broaden its geographical footprint. The immediate focus for expansion includes new states such as Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh. This expansion will build upon its existing network of over 150 tech-enabled eClinics currently operational across Odisha and Chhattisgarh, bringing quality, accessible, and affordable healthcare services to even more small towns and villages.
The Investors’ Confidence in CureBay’s Mission
The Series B round highlights strong investor confidence in CureBay’s unique hybrid model and its impactful mission. Regulatory filings reveal that Bertelsmann India Investments contributed approximately $11 million, while British International Investment and Elevar Equity invested around $4 million and $3.6 million, respectively. This diverse investor base underscores the broad recognition of CureBay’s potential to address the critical healthcare gap in rural India. According to Entrackr’s estimates, this funding round places CureBay’s post-allotment valuation at an impressive $75 million, reflecting its rapid growth and market potential.
A Track Record of Impact and Growth
Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, CureBay has quickly established itself as a vital healthcare provider. Through its network of eClinics, it offers a comprehensive suite of services including doctor consultations, diagnostics, pharmacy services, and tertiary care referrals, all designed to meet the specific needs of rural households. The company’s preventive health program is a testament to its success, boasting 90,000 active members and an impressive renewal rate exceeding 60%.
CureBay’s financial performance further validates its growth trajectory. According to TheKredible, the company has raised approximately $37 million to date, including a $7.5 million Series A1 round in January 2024. For the fiscal year ending March 2024, CureBay reported a staggering 16x jump in operating income, reaching Rs 10.3 crore from Rs 63.3 lakh in the previous fiscal year. While losses also expanded during this period, the firm’s recent announcement of operational profitability in its Balasore and Puri Circles signals a positive trend towards sustainable growth and reinforces its commitment to bringing essential healthcare services to the heart of rural India.
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