Curebay Secures Rs 159 Crore in Series B Funding

Health-tech platform Curebay is poised to secure Rs 159 crore (approximately $18.7 million) in its Series B funding round, spearheaded by Bertelsmann, alongside investments from British International Investment and existing investor Elevar Equity.

The board at Curebay has approved the issuance of 13,28,119 Series B CCPS at an issue price of Rs 1,197.22 each, aiming to raise the Rs 159 crore or $18.7 million, as indicated by its regulatory filing sourced from the Registrar of Companies (RoC).

Bertelsmann will contribute significantly to this round with an investment of Rs 94 crore ($11 million), while British International Investment and early supporter Elevar Equity are set to provide Rs 34 crore and Rs 31 crore, respectively.

According to estimates from Startup Superb, Curebay is expected to achieve a post-allotment valuation of Rs 625 crore ($73.5 million), maintaining a flat valuation compared to its previous funding round. The company may pursue additional funding as part of this round.

About Curebay

Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, Curebay revolutionises last-mile primary healthcare by employing a tech-enabled network of e-clinics across small towns and villages. This innovative hybrid model enables users to schedule appointments, access teleconsultations, receive delivery of medicines, undergo diagnostics, and arrange for tertiary care admissions with partner hospitals, all facilitated through a transparent booking system and concierge support.

Funding and Growth

As per various sources from startup data intelligence platforms, the Bhubaneswar-based company has successfully raised around $16 million so far, which includes its $7.5 million Series A1 round completed in January 2024.

In the fiscal year ending March 2024, Curebay reported an impressive over 16X increase in operating income, reaching Rs 10.3 crore, up from Rs 63.3 lakh in FY23. Nevertheless, the losses for the company also surged by more than 2.4X, amounting to Rs 39 crore during the same period. Furthermore, it has not yet released its financial figures for FY25.