Rural healthcare startup CureBay has raised around Rs 100 crore in a pre-Series C funding round led by IvyCap Ventures, combining equity investment with debt financing to expand its clinic network, enter new markets and strengthen its artificial intelligence (AI) capabilities.
The round includes over Rs 69 crore in equity, with participation from existing investors, and around Rs 30 crore in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners. The fresh capital will support CureBay’s plans to increase its rural clinic network from around 250 to 800 over the next two to three years.
Founded by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain, CureBay operates a hybrid healthcare model that connects patients in underserved areas with doctors, diagnostic laboratories, pharmacies and hospitals through physical clinics, community health workers and digital technology.
CureBay Plans Expansion Into Southern India
Currently operating across eastern and central India, CureBay plans to expand into Telangana and Andhra Pradesh. Its model combines local healthcare access with digital consultations and care coordination, aiming to address gaps in medical services across smaller towns and rural communities.
The startup is also investing in AI tools for screening and health-risk assessment. Its existing capabilities cover areas such as skin conditions, dental health and haemoglobin screening. The company plans to expand these tools and strengthen its technology infrastructure.
CureBay also operates Kavach, a subscription-based programme designed to encourage preventive healthcare through consultations and support for medicines, diagnostics and certain hospitalisation-related expenses.
Rs 170 Crore ARR Target as Profitability Remains in Focus
CureBay’s cofounder and CEO, Priyadarshi Mohapatra, told Inc42 that the company closed FY26 with annual recurring revenue (ARR) of nearly Rs 170 crore and aims to double that figure by the end of FY27. These are management-reported figures; audited FY26 financial statements were not yet available at the time of the report.
Mohapatra also said CureBay reached operating EBITDA break-even in FY26, with a monthly business run rate of around Rs 20 crore. The company expects this run rate to grow by nearly 50% by March 2027.
However, CureBay remains loss-making at the overall company level as it continues to invest in expansion. This makes the next phase important: the company must grow its healthcare network while managing the cost of entering new markets and improving its path to sustainable profitability.
Before this round, CureBay had raised more than $34 million from investors including Bertelsmann India Investments, British International Investment and Elevar Equity.
The latest funding reflects investor interest in a healthcare model built around both technology and physical access. CureBay’s long-term progress will depend on whether it can expand its clinic network, deliver reliable care in underserved communities and translate growing revenue into company-level profitability.
