Pomegra
CureBay raised ₹100 crore in a pre-Series C round led by IvyCap Ventures, with about 30% of it in debt, to grow its rural clinic network from 250 to 800 sites.
Key Takeaways
- CureBay raised ₹100 crore: ₹69 crore in equity led by IvyCap Ventures, plus over ₹30 crore in debt.
- Valuation is undisclosed. FY26 annual recurring revenue is ₹170 crore, and the company is still loss-making overall.
- Funds go to Andhra Pradesh and Telangana expansion, a target of 800 clinics, and AI screening tools.
Lead
Bhubaneswar-based rural healthcare provider CureBay announced on October 22, 2026 that it had raised about ₹100 crore (roughly $10.6 million) in a pre-Series C round. IvyCap Ventures led the equity portion of ₹69 crore, with existing investors participating. The remainder, over ₹30 crore, is debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
CureBay did not disclose the valuation. The company said the money will fund entry into new states including Andhra Pradesh, a bigger delivery network and more work on AI-based screening and clinical decision support.
What Does CureBay Actually Do?
CureBay runs a network of technology-enabled primary care clinics in small towns and villages, backed by community health workers, partner hospitals and labs, and remote doctors. Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain, it operates more than 250 clinics across seven states and has served over 17 lakh (1.7 million) patients.
The model is physical-first. It includes more than 1,800 community health workers called Swasthya Mitras, around 530 trained clinical staff, over 200 doctor partners and more than 400 health camps a month. Mohapatra, the founder and CEO, has framed the pitch as a rejection of the app-first approach: rural India, he said, needs a system that works end to end rather than another app.
How Does the Round Compare With CureBay's Last Raise?
The round is smaller than the previous one and structured differently. In May 2025, CureBay raised $21 million in a Series B led by Bertelsmann India Investments, with Elevar Equity and British International Investment participating. Elevar had earlier led its November 2022 Series A and added ₹60 crore of a ₹61.8 crore Series A1 extension in January 2024.
The new equity cheque of ₹69 crore is roughly $7.3 million, well below the Series B. Counting the debt, total funding across rounds now sits in the mid-$40 million range. The pre-Series C label signals a bridge toward a larger round, not a final growth raise, and the debt tranche suggests the company wants to stretch equity while its unit economics mature.
What Do the Financials Show?
The company reports FY26 annual recurring revenue of ₹170 crore and a monthly run rate near ₹20 crore. It says operating EBITDA broke even in FY26, though the company as a whole remains loss-making. CureBay is targeting a doubling of ARR in FY27, which would put it near ₹340 crore.
Those figures are company-stated and unaudited in public disclosures. Operating breakeven at the clinic level is a common claim among multi-site healthcare operators, and it often excludes corporate overheads, technology spend and expansion costs. The gap between operating EBITDA and the group-level loss is where the real test sits, especially as the clinic count more than triples.
Why Did IvyCap Lead?
IvyCap Ventures is a Mumbai-based venture firm with a healthcare and consumer portfolio, and a lead position in a company that already has revenue at scale fits a growth-stage thesis. Vikram Gupta of IvyCap said CureBay's ability to combine technology with a strong on-ground healthcare network makes its model compelling.
The participation of three venture-debt lenders is the more telling detail. Trifecta, Alteria and VentureSoul typically lend against predictable revenue, which implies lenders were comfortable with the clinic-level cash flows. That is a modest endorsement of the operating data, though not a substitute for audited group profitability.
What Is the Expansion Plan?
CureBay plans to move from 250 clinics to 800 within two to three years, adding Andhra Pradesh and Telangana to a footprint centred on Odisha, Chhattisgarh, Jharkhand and Bihar. It also said it has been named a healthcare partner for Samriddhi Kendra, a Government of India initiative.
On technology, the company says it already runs AI products for skin, dental and haemoglobin screening and plans to add more. In a clinic-led model, these tools mainly let community health workers triage patients before a remote doctor is involved, which lowers the cost per consultation.
Outlook
The round gives CureBay fresh capital without a disclosed valuation, and about a third of it must be repaid. The next milestones are clear: a doubling of ARR to roughly ₹340 crore in FY27, clinic additions in the Telugu-speaking states and a narrowing of the group-level loss. If those land, a larger Series C becomes plausible; if clinic additions outrun revenue per site, the debt load will weigh on the next raise.
