CureBay Raises $10.5M in Pre-Series C Funding to Expand Rural Healthcare Network

CureBay Co-founders: Shobhan Mahapatra, Priyadarshi Mohapatra, Sanjay Swain

Indian rural healthtech operator CureBay has secured around US$10.5M (Rs 100 crore) in a Pre-Series C funding round.

The capitalization structure comprises US$7.2M (Rs 69 crore) in equity, led by IvyCap Ventures, and over US$3.1M (Rs 30 crore) in debt financing provided by Trifecta Capital, Alteria Capital, and VentureSoul Partners.

The capital is earmarked for expanding its physical clinic footprint across India and developing an AI-driven clinical decision-support layer.

Why Has CureBay Raised US$10.5 Million in Pre-Series C Funding?

CureBay, an Indian technology-enabled rural healthcare platform, has raised US$10.5M in a Pre-Series C funding round led by IvyCap Ventures to expand its healthcare delivery network and strengthen its technology and artificial intelligence (AI) capabilities.

The round comprises US$7.2M in equity from IvyCap Ventures and existing investors, alongside more than US$3.1M in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.

The fresh capital will support CureBay's expansion across India, including the development of its physical healthcare network and digital infrastructure. The company also plans to advance its Intelligence Layer, an AI-enabled system designed to support patient screening, generate health insights and assist clinical decision-making.

The investment will help CureBay scale its integrated healthcare model, which combines physical clinics, community-based healthcare workers and digital services to improve access to care in underserved rural communities.

How Will CureBay Use Its Latest Funding?

CureBay plans to deploy the funding across three primary areas: geographic expansion, healthcare delivery infrastructure and AI-powered technology.

Investment priority	Planned use	Strategic objective
Geographic expansion	Extend operations across India	Reach more underserved rural communities
Healthcare delivery network	Strengthen clinics and connected care services	Improve access to healthcare closer to patients' homes
AI and technology	Develop the Intelligence Layer and screening capabilities	Support patient screening, health insights and clinical decision-making

The company's technology strategy centres on integrating digital tools with on-the-ground healthcare delivery rather than relying on a standalone telemedicine application.

Its Intelligence Layer is intended to help identify potential health risks and support clinical decisions. As CureBay expands, these capabilities could help coordinate care across its network of clinics, community healthcare workers and medical specialists.

The company has not disclosed specific targets for new clinic openings, additional states or the proportion of funding allocated to each investment priority.

What Is CureBay's Rural Healthcare Model?

Founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain, CureBay operates a technology-enabled healthcare network designed to connect rural patients with healthcare services through a combination of physical infrastructure and digital systems.

The company operates more than 250 technology-enabled clinics across seven Indian states. It reports having served over 17 lakh patients, equivalent to more than 1.7 million people, and conducting over 400 health camps every month.

CureBay's integrated model includes six key components:

• IoT-enabled clinics: Technology-equipped physical locations that form part of its rural healthcare network.
• Swasthya Mitras: Community-based healthcare workers who help connect patients with appropriate services.
• Connected digital platform: Technology that supports coordination across its healthcare delivery network.
• AI-powered screening and risk alerts: Tools designed to identify potential health concerns and flag risks.
• 24/7 command centre: A centralised operation supporting the coordination of healthcare services.
• CureBay Kavach: A component of the company's healthcare offering within its broader integrated model.

Together, these components are intended to connect patients in rural communities with healthcare professionals and specialist services in urban centres.

The company's approach addresses a key operational challenge in rural healthcare: providing continuity between initial patient contact, screening, clinical assessment and access to further treatment. By combining community outreach with digital coordination and physical clinics, CureBay aims to make healthcare more accessible closer to home.

Who Invested in CureBay's Pre-Series C Round?

The Rs 100 crore round combines equity financing and debt, bringing together venture capital and specialist debt providers.

Investor	Role in the round	Funding type
IvyCap Ventures	Lead investor	Equity
Existing investors	Participating investors	Equity
Trifecta Capital	Debt provider	Debt
Alteria Capital	Debt provider	Debt
VentureSoul Partners	Debt provider	Debt

Of the total funding, US$7.2M (Rs 69 crore) comes from equity, while more than US$3.1M (Rs 30 crore) is being provided through debt. The figures are rounded, so the disclosed components do not add up to an exact Rs 100 crore or around US$10.5M total.

IvyCap Ventures founder and managing partner Vikram Gupta said CureBay's combination of technology and an on-the-ground healthcare network made its model compelling. He also highlighted the company's potential to improve access to quality healthcare for underserved communities as India works to expand healthcare availability across rural areas.

For CureBay, the participation of both equity investors and debt providers supports its next phase of expansion through a combination of ownership capital and borrowing.

What Did CureBay's Founder Say About the Funding?

Priyadarshi Mohapatra, CureBay's founder and CEO, said the company aims to build an end-to-end healthcare delivery system that connects community-level support with specialist care.

He emphasised that rural India needs an integrated healthcare system rather than another standalone digital application. The new funding will help the company extend this model into additional states while using AI to support healthcare delivery and help patients access appropriate care closer to home.

Mohapatra's comments reflect CureBay's focus on combining physical healthcare access with technology-enabled coordination. The strategy positions AI as a tool to support the existing healthcare network, particularly in screening, health insights and clinical decision-making.

Gupta's comments similarly point to the importance of CureBay's physical network alongside its digital capabilities. The company's ability to expand both components while maintaining service quality will be central to its next stage of growth.

How Could CureBay's Expansion Improve Rural Healthcare Access in India?

CureBay's funding comes as access to healthcare remains an important challenge for underserved communities across India. Its model seeks to address this challenge by combining local healthcare access points with digital systems that connect patients to broader medical services.

Three elements underpin the company's approach:

• Local access: More than 250 clinics across seven states provide a physical foundation for its healthcare network.
• Community engagement: Swasthya Mitras help connect patients with the services available through the platform.
• Technology-enabled coordination: AI-powered screening, risk alerts and the Intelligence Layer are designed to support the patient journey and clinical decision-making.

The company's reported reach of more than 1.7 million patients and over 400 monthly health camps provides an indication of its existing operating scale. However, these figures do not independently establish clinical outcomes or the extent to which the model has improved health outcomes.

The next phase will require CureBay to expand its geographic footprint while maintaining reliable healthcare delivery, effective coordination and appropriate clinical oversight. Its AI capabilities will also need to complement, rather than replace, qualified healthcare professionals.

What Does CureBay's Pre-Series C Funding Mean for Its Growth Strategy?

CureBay's US$10.5M (Rs 100 crore) Pre-Series C round provides fresh capital to expand a rural healthcare model built around physical clinics, community outreach and connected digital services.

Its existing network of more than 250 clinics across seven states, reported reach of over 1.7 million patients and monthly activity of more than 400 health camps provide a foundation for further expansion.

The company's immediate priorities are to extend its geographic reach, strengthen its healthcare delivery infrastructure and develop AI capabilities that support screening and clinical decision-making. IvyCap Ventures' leadership of the equity round, alongside debt financing from Trifecta Capital, Alteria Capital and VentureSoul Partners, gives CureBay additional resources to pursue these objectives.

Ultimately, the company's progress will depend on how effectively it scales its integrated model while maintaining care quality and operational efficiency. If successful, CureBay could strengthen the connection between rural communities and specialist healthcare services through a combination of local access, digital coordination and AI-assisted care.