CureBay has raised around Rs 100 crore in a Pre-Series C round led by IvyCap Ventures. The round mixes Rs 69 crore of equity, led by IvyCap with participation from existing investors, and more than Rs 30 crore of debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
The Bhubaneswar-based startup is building what it calls a rural healthcare operating system. It combines technology-enabled clinics, community health workers and a digital platform to take primary and preventive care to underserved parts of India.
Where the Money Goes
The company will use the fresh capital to expand its healthcare delivery network across India and enter new markets, including Andhra Pradesh. It also plans to deepen its proprietary technology and AI capabilities, including an Intelligence Layer built to strengthen screening, health insights and clinical decision-making.
CureBay currently runs more than 250 technology-enabled clinics across seven states, including Odisha, Chhattisgarh, Jharkhand and Bihar. The company aims to grow that network to 800 clinics over the next two to three years.
The Six-Layer System
CureBay describes its model as a six-layer system spanning IoT-enabled clinics, a Swasthya Mitra network of community health workers, a connected digital platform, AI-powered screening and risk alerts, a 24/7 command centre and CureBay Kavach, an annual health membership.
The numbers behind it are sizeable. The company says it has served more than 17 lakh patients and conducts over 400 health camps every month. Its network includes more than 1,800 Swasthya Mitras, 530 trained clinical staff, 230 doctor partners and more than 210 partner hospitals and laboratories.
CureBay was founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain. The new round follows a $21 million Series B in May 2025 led by Bertelsmann India Investments, with participation from Elevar Equity and British International Investment.
What the Founder Says
“Rural India doesn’t need another app; it needs a system that works end to end, from the Swasthya Mitra at the doorstep to the specialist in the city,” said Priyadarshi Mohapatra, founder and CEO of CureBay.
Market Context
Rural healthcare in India is a high-need and hard-to-serve market. CureBay’s hybrid approach sets it apart from pure telehealth platforms, since the physical clinics give patients a place to walk into while the digital layer connects them to specialists, diagnostics and financing.
Investor interest in the space has stayed steady. The presence of three venture debt firms in this round suggests lenders see working unit economics behind the clinics, which is notable for a model that carries physical infrastructure costs.
Our Take
The bet here is that rural healthcare in India is won on the ground and not on a phone screen, and that AI can raise the quality of care delivered through local workers and small clinics.
The 800-clinic target is ambitious and the Intelligence Layer will need to prove it improves outcomes, not just data collection. But a Rs 100 crore raise in this funding environment shows investors believe CureBay has found a model that can travel across states.
