How Much Did CureBay Raise? Funding & Key Investors

What Is CureBay?

CureBay is a healthcare platform based in Bhubaneswar, Odisha, India. The company specializes in teleconsultation and healthcare services through a network of microsatellite e-clinics focused on rural and underserved communities.

With an employee count ranging between 501–1000, CureBay operates within the healthcare, hospital, medical, and therapeutics industries. The company has raised funding across three disclosed rounds backed by investors including Bertelsmann India Investments, Elevar Equity, British International Investment, Stride Ventures, InCred Capital, and Hemani Industries.

How Much Funding Has CureBay Raised?

1. Series A
   • Amount Raised: USD 6.1 million (INR 50 crore)
   • Date: November 2022
   • Lead Investors: Elevar Equity
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To build 100 e-clinics over 12 months, shore up hiring, and expand CureBay's footprint to new locations across Odisha.
2. Series A1
   • Amount Raised: USD 7.4 million (INR 62 crore)
   • Date: January 2024
   • Lead Investors: Elevar Equity (existing investor); participation from CureBay founders and leadership team, Hemani Industries, and InCred Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To build an intelligent health data platform, expand clinics from 90 to 200+ across Odisha, Chhattisgarh, and Jharkhand, and hire 200+ professionals including data scientists and healthcare experts.
3. Series B
   • Amount Raised: USD 21 million (INR 179.4 crore)
   • Date: May 20, 2025
   • Lead Investors: Bertelsmann India Investments; participation from Elevar Equity (existing) and British International Investment (new)
   • Valuation at Round: Not publicly disclosed (estimated ~USD 75 million post-money per some reports)
   • Motivation Behind the Round: To strengthen the in-house technology stack (AI, ML, generative AI, IoT diagnostics), scale operations into new states — Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh — and hire teams for the next growth phase.

Total Amount Raised: at least USD 34.5 million based on disclosed funding (Series A: $6.1M + Series A1: $7.4M + Series B: $21M). Additional undisclosed amounts may exist from venture debt and other smaller rounds reported by some sources.

Key Investors

• Elevar Equity
  • Details: Elevar Equity is the lead investor across CureBay's Series A and Series A1 rounds and a continuing participant in the Series B. They are the largest external stakeholder, having held approximately 34.08% following the Series A1.
  • Investment Focus Areas: Healthcare, underserved populations, technology-driven services.
  • Notable Investments: CureBay and other impact-focused growth-stage companies.
• Bertelsmann India Investments
  • Details: Bertelsmann India Investments led the Series B funding round. They are part of the global media, services, and education company Bertelsmann.
  • Investment Focus Areas: Media, services, education, digital health.
  • Notable Investments: Portfolio includes various Indian growth-stage companies across tech and health sectors.
• British International Investment (BII)
  • Details: British International Investment is the UK's development finance institution and impact investor. BII invested approximately $4 million in CureBay as part of the Series B round, co-investing alongside Elevar Equity.
  • Investment Focus Areas: Impact investing, healthcare, South Asia.
  • Notable Investments: Wide portfolio of impact investments across South Asia and Africa.
• Hemani Industries
  • Details: Hemani Industries participated in the Series A1 round and is noted as one of CureBay's investors. They operate in the chemical manufacturing sector.
  • Investment Focus Areas: Chemicals, manufacturing, healthtech.
  • Notable Investments: Not publicly specified.
• InCred Capital
  • Details: InCred Capital (also referred to as InCred Wealth) is a financial services firm that participated in CureBay's funding. They focus on wealth management and financial services.
  • Investment Focus Areas: Financial services, wealth management, healthtech.
  • Notable Investments: Not publicly specified.
• Stride Ventures
  • Details: Stride Ventures is a venture debt firm that has provided debt financing to CureBay. The exact amount and round date are not publicly disclosed.
  • Investment Focus Areas: Venture debt, growth-stage startups, healthtech.
  • Notable Investments: Portfolio of Indian growth-stage companies across sectors.

What's Next for CureBay?

As CureBay looks to the future, the opportunities for growth are vast. The company plans to expand its network of clinics from 90 to over 200 across Odisha, Chhattisgarh, and Jharkhand, enhancing healthcare accessibility in underserved regions. This expansion is bolstered by the recent funding rounds, which have raised significant capital to support these initiatives.

Future fundraising opportunities appear promising, with potential for additional Series B or later-stage funding rounds. The focus on building a robust health data platform and hiring over 200 professionals, including data scientists and healthcare experts, positions CureBay well for attracting further investments. Strategic partnerships and acquisitions may also play a role in their growth strategy.

However, challenges lie ahead. Scaling operations to cover more remote areas while maintaining the quality and affordability of healthcare services will be crucial. Additionally, navigating regulatory and logistical hurdles, as well as competition from other healthtech platforms, will require careful planning and execution. Despite these challenges, CureBay's commitment to revolutionizing healthcare in remote locations sets a strong foundation for future success.

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