CureBay Raises Rs 100 Crore Pre-Series C Led By IvyCap Ventures

Healthtech startup CureBay has raised around Rs 100 crore in a pre-Series C round — more than Rs 69 crore in equity led by IvyCap Ventures alongside existing investors, plus roughly Rs 30 crore in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.

The company will deploy the proceeds to enter new markets, strengthen its healthcare delivery network and invest in artificial intelligence and technology capabilities, according to a media report.

Founded by Priyadarshi Mohapatra, CureBay currently operates in Odisha, Chhattisgarh, Jharkhand and Bihar. It plans to enter Telangana and Andhra Pradesh next. The startup also intends to grow its rural clinic network from 250 to 800 locations over the next two to three years.

What does CureBay actually do?

CureBay connects patients in underserved areas with healthcare providers. Its model combines three layers:

• Rural clinics and community health workers on the ground
• A digital platform linking patients with doctors, hospitals, diagnostic laboratories and pharmacies
• AI-assisted screening and care coordination supporting delivery

The company is investing in graphics processing units (GPUs) and training AI models to screen patients and assess health risks. Its existing AI products cover skin conditions, dental health and haemoglobin screening, and it plans to expand those capabilities.

Mohapatra, Co-founder and CEO, said the company would continue expanding its AI product portfolio and investing in existing capabilities.

CureBay also runs Kavach, a subscription programme focused on preventive healthcare. Kavach offers consultations and support for medicines, diagnostics and certain hospitalisation-related costs.

How big is the business?

The company claims to have served more than 12 lakh patients. It has connected over 270 doctors and 1,000 healthcare professionals across 4,500 pincodes.

Before this round, CureBay had raised more than USD 34.6 million from investors including Bertelsmann India Investments, British International Investment and Elevar Equity.

The startup has not yet filed its audited FY26 financial statements. Mohapatra said CureBay closed the fiscal year with annual recurring revenue (ARR) of nearly Rs 170 crore and aims to double that figure by the end of FY27.

Has CureBay turned profitable?

Partially. Mohapatra said the company achieved operating EBITDA break-even in FY26. Its monthly revenue run rate stood at around Rs 20 crore, and the company expects it to grow by nearly 50 per cent between the current period and March.

He attributed the growth to increased customer spending, as users increasingly rely on CureBay for healthcare services, along with the company's expansion into new markets.

Despite the operating EBITDA break-even, CureBay remains loss-making at the company level. Mohapatra said entering new markets involves additional expenditure, and company-level profitability will depend on reaching a more stable operating scale.

The fresh capital gives CureBay room to keep spending on clinics, AI infrastructure and two new southern states while it pushes toward doubling revenue — a bet that stability, not austerity, gets it to full profitability.