CureBay has raised about Rs 100 crore in a pre-Series C round, split between equity and debt. Over Rs 69 crore is equity led by IvyCap Ventures, with existing investors participating. The rest, about Rs 30 crore, is debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
The Bhubaneswar-based healthtech startup runs rural clinics that connect patients to doctors, hospitals, diagnostic laboratories and pharmacies through a digital platform. The fresh money goes into new states, a bigger delivery network and more AI.
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Where CureBay Is Expanding
CureBay operates in Odisha, Chhattisgarh, Jharkhand and Bihar. Telangana and Andhra Pradesh are next. The company plans to take its clinic count from 250 to 800 over the next two to three years.
Each clinic works with local community health workers who guide patients through the system. That field layer is the expensive part of the model. A clinic is a fixed cost. The health workers are a per-village cost that has to be built before patient volumes arrive.
The AI Bet Inside A Rural Clinic
CureBay already uses AI-assisted screening and care coordination. Its products cover skin conditions, dental health and haemoglobin screening. The company is now buying GPUs and training its own models to widen the screening range. Priyadarshi Mohapatra, cofounder and chief executive, said CureBay will keep adding products and invest in both width and depth.
It also runs Kavach, a subscription programme built around preventive care. Kavach bundles consultations with support for medicines, diagnostics and some hospitalisation costs. A subscription is the closest thing this model has to predictable revenue. It collects money before the patient needs care.
The Numbers CureBay Reports
CureBay says it has served over 12 lakh patients. It has connected more than 270 doctors and 1,000 healthcare professionals across 4,500 pincodes. It closed FY26 with an annual recurring revenue of nearly Rs 170 crore and wants to double that in FY27.
Mohapatra said the company broke even at the operating EBITDA level in FY26. Its monthly run rate is about Rs 20 crore, and he expects that to grow almost 50% by March. The company is still loss-making at the company level because new markets need fresh spending. It had raised over $34.6 million before this round. Investors include Bertelsmann India Investments, British International Investment and Elevar Equity.
What The Numbers Say About The Plan
Doubling ARR while entering two new states is a stretch. New states mean new clinics, new health worker networks and new doctor supply before any of that turns into revenue. Mohapatra said company-level profit will come once CureBay stops expanding and reaches a stable operating scale. Until then, operating EBITDA is the number he tracks.
That is a fair way to run a clinic network, but it leaves little room for error. If the Telangana and Andhra Pradesh entry takes longer than planned, the burn shows up before the revenue does. The debt tranche is the tell here. A company this early usually takes debt for working capital against receivables, not for growth capex.
What To Watch
Four indicators matter. The clinic ramp against the 800 target, since a clinic that takes a year to break even changes the whole model. Whether Kavach subscriptions grow faster than one-time consultations, which would show the preventive bet is working. The ARR line at the FY27 close against the doubling claim. And whether CureBay keeps reporting operating EBITDA rather than company-level profit, because that gap is where rural health networks usually stall.