CureBay raises about ₹100 crore in a pre-Series C led by IvyCap

Rural healthcare company CureBay has raised about ₹100 crore in a pre-Series C round led by IvyCap Ventures, the company told reporters on Thursday.

Of that, ₹69 crore is equity from IvyCap and existing investors, and more than ₹30 crore is debt from Trifecta Capital, Alteria Capital and VentureSoul Partners. Business Standard, YourStory and ET Entrepreneur all reported the split. The round is “about” ₹100 crore because that is how the company and the papers described the equity and the debt together.

CureBay said it will use the money to widen the clinic network, enter new markets including Andhra Pradesh, and spend more on technology. The piece it highlighted is an intelligence layer for screening, for a read of a patient’s health, and for clinical decisions. The reports name no model, and they give no error rate or trial result.

Business Standard described the company as based in Bhubaneswar. YourStory said it was founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain. Business Standard and ET Entrepreneur identify Mohapatra as founder and chief executive.

The company runs clinics outside the large cities and connects them to doctors, hospitals, laboratories and pharmacies. It describes six parts: clinics with internet-connected devices, community workers it calls Swasthya Mitras, a digital platform, software that flags health risks, a command centre staffed day and night, and a programme called CureBay Kavach. Business Standard and YourStory both printed that list. Neither gave a price for Kavach or a list of what a member is promised.

Figures the company gave the press match across Business Standard and ET Entrepreneur. It said it has more than 250 technology-enabled clinics in seven states, more than 1,800 Swasthya Mitras, more than 530 trained clinical staff and more than 230 doctor partners, plus more than 210 partner hospitals and laboratories. It said it has served more than 17 lakh patients and holds more than 400 health camps a month. YourStory reported the same clinic count, patient count and camp count. The announcements did not list the seven states, and they were not audited filings.

“Rural Bharat 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,” Mohapatra said, in YourStory’s wording. “This capital lets us take that operating system to more states and make our AI do the heavy lifting, so that every family gets the right care at the right time, close to home.”

Business Standard carried almost the same lines, with “helps us” in place of “lets us.”

Vikram Gupta, founder and managing partner of IvyCap, said the mix of software and a network on the ground was what drew the firm. “As India works towards expanding access to quality healthcare across Bharat, we see significant potential in the company’s approach,” he said, in words carried by YourStory and Business Standard. He said IvyCap was glad to back the company as it tries to reach more people.

The papers did not report a valuation, a share count, or the stake IvyCap is buying. They also did not report the interest rate on the debt or how long it runs. What Mohapatra kept returning to was the distance he wants the service to cover: from a worker at the door to a specialist in a city, in more states, with more of the screening done by the company’s own software.