Total amount raised
₹1.1 Billions
Latest funding date
1/1/2024
Location
CureBay has successfully raised $7.4 million in its latest Series A funding round, with investments from Elevar Equity and other notable investors. The healthcare platform offers teleconsultation and healthcare services through a network of microsatellite centers.
Keep reading to explore the intricacies of CureBay's fundraising journey and the investors backing this innovative platform.
What Is CureBay?
CureBay, founded in 2021, is a healthcare platform based in Bhubaneshwar, Orissa, India. The company specializes in teleconsultation and healthcare services through a network of microsatellite centers.
Founded by Priyadarshi Mohapatra, Sanjay Swain, and Shobhan Mahapatra, CureBay aims to bridge the healthcare gap in remote locations. Their innovative approach includes products like Hybrid eClinics and Annual Health Memberships.
With a workforce of 501-1000 employees, CureBay is rapidly expanding its reach and impact in the healthcare sector.
How Much Funding Has CureBay Raised?
- Series A Funding Round
- Amount Raised: ₹500M (approximately $6.1 million)
- Date: November 2022
- Lead Investors: Elevar Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were used to build 85 clinics, hire staff, and expand the startup's footprint to other locations.
- Series A1 Funding Round
- Amount Raised: ₹618M (approximately $7.4 million)
- Date: January 2024
- Lead Investors: Elevar Equity
- Valuation at Round: ₹450 crore (approximately $55 million)
- Motivation Behind the Round: The funds will be used to build an intelligent and robust health data platform and to hire over 200 professionals, including data scientists, diagnostics, and pharmacy experts.
Total amount raised: $13.5 million. Current valuation: $55 million.
Key Investors
- Elevar Equity
- Details: Elevar Equity is a venture capital firm that focuses on investing in transformative and scalable businesses. They have been a significant investor in CureBay, leading both the Series A and Series A1 funding rounds.
- Investment Focus Areas: Healthcare, education, financial services, agriculture
- Notable Investments: Not publicly disclosed
- Hemani Industries
- Details: Hemani Industries is a significant stakeholder in CureBay. Specific details about their operations and other investments are not provided in the available sources.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- InCred Wealth
- Details: InCred Wealth is another notable stakeholder in CureBay. Detailed information about their other investments and focus areas is not available in the provided sources.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for CureBay?
With the recent infusion of funds, CureBay is poised to expand its network of clinics from 90 to over 200 across Odisha, Chhattisgarh, and Jharkhand. This expansion aims to bring affordable healthcare to underserved areas, leveraging technology and e-clinics to bridge the accessibility gap. The opportunity is vast, with the potential to cover nearly 32,000 villages and connect over 100,000 patients with healthcare providers.
Future fundraising seems promising, given the strong backing from Elevar Equity and other investors. As CureBay continues to scale, additional funding rounds could support further technological advancements and geographic expansion. However, challenges such as maintaining service quality, navigating regulatory requirements, and competing with other healthtech startups remain. Overcoming these hurdles will be crucial for sustained growth and success.
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