Clinics On Cloud, a Pune based healthtech company, has raised Rs 120 crore in a Series A funding round backed by Dubai based healthcare investment platform Model42 at a valuation of Rs 600 crore.
The company announced the round on October 26 after eight years of bootstrapped growth. It plans to use the capital to expand abroad, starting with the UAE, and then move into Africa, the United States and Southeast Asia.
What the money will fund
Alongside overseas expansion, the funding will support AI driven diagnostics, research and development, international regulatory compliance and manufacturing scale up. The goal is a global network of microclinics that brings screening and primary care closer to where people live.
Clinics On Cloud started with Health ATMs, kiosks that run preventive screenings and connect patients with doctors remotely. It has since added AI enabled Health Lounges, Box Clinics and Mobile Medical Units that serve governments, hospitals, defence establishments and large employers.
Eight years without outside capital
Abhay Agarwal founded the company in 2018 with Manashrri Agarwal as co-founder. The pair built the business without outside funding, starting from a small apartment in Pune before winning an early order for 100 Health ATMs from a government body.
The company now reports more than 3,500 installations and over 12 million health screenings across more than eight countries. Its own website also lists more than 200 cities covered and over two lakh abnormalities detected early through its network.
That scale is the reason this round stands out. Most hardware heavy healthtech companies raise early and often, while Clinics On Cloud waited eight years before taking institutional money.
What the founder says
“Quality healthcare should never depend on someone’s PIN code. We started eight years ago with a vision to make preventive healthcare as accessible as an ATM.”
Abhay Agarwal, founder and chief executive of Clinics On Cloud
Why this round matters
India’s preventive care gap is the market this company is betting on. Hospitals in large cities are crowded, while smaller towns often lack even basic screening, so a kiosk that runs a wide panel of tests in minutes can fill a real gap.
It will not have the field to itself. Rural clinic networks such as CureBay and hospital builders such as Even Healthcare raised large rounds in October, and both are chasing the same shift toward care delivered outside big hospitals.
The bet on physical healthcare infrastructure also echoes other recent Indian healthtech stories, including Bengaluru based HeyVoli and its work to connect fragmented hospital systems.
The honest view
The promise is clear, but the proof is still ahead. A valuation of Rs 600 crore rests on the company’s own disclosure, since no revenue figure or investor return detail was shared with the announcement.
Hardware is also harder to scale than software. Every new country means fresh regulators, local partners and service teams, and a kiosk network only earns trust if its screenings stay accurate at volume.
If the UAE launch lands well, this round will look like smart timing. If expansion stalls, the company will have spent its first outside capital learning that clinics are local businesses first and technology platforms second.
