In a significant stride towards transforming the healthcare landscape, Curebay, a pioneering health-tech platform, has raised $7.5 million in its recent funding round led by existing investor Elevar Equity. This funding marks an extension of Curebay’s Series A round, which initially concluded in November 2022.
The regulatory filings from the Registrar of Companies (RoC) reveal that Curebay’s board passed a resolution to issue 4,80,590 Series A1 CCPS at an issue price of Rs 1287.12 each, resulting in a total infusion of Rs 61.8 crore or $7.5 million. Elevar Equity took the lead by contributing 60 crores, with additional investments from Curebay’s CEO, CTO, and other key leadership team members totalling Rs 1.6 crore during the round.
Established in 2021, CureBay aims to facilitate the last-mile distribution of primary healthcare services by harnessing technology and a network of e-clinics, making healthcare accessible to individuals in small towns and villages.
This funding round follows Curebay’s Series A round, which raised Rs 50 crore, led by Elevar Capital in the final quarter of 2022. With the recent infusion, Elevar Equity now holds the position of the most prominent external stakeholder with a 34.08% share, followed by Hemani Industries and InCred Wealth. Priyadarshi Mohapatra, co-founder and chief executive officer of Curebay, commands a 43.13% stake.
Curebay employs a hybrid model to schedule appointments, offer teleconsultations, deliver medicines, address diagnostic needs, and facilitate admissions for tertiary care at partner hospitals through a transparent booking model and concierge services.
Despite being a three-year-old company, Curebay currently operates in a pre-revenue stage. Its revenue from operations for FY23 stood at Rs 63 lakhs, while the losses widened to Rs 15.95 crore in the last fiscal year. The additional funding is expected to bolster the company’s efforts to expand its reach and enhance healthcare accessibility for underserved communities, marking a crucial step forward in advancing health-tech solutions.
