CureBay, a Bhubaneswar-based rural healthcare network, raised about Rs 100 crore in a pre-Series C round that mixes equity and debt. IvyCap Ventures led the equity portion at Rs 69 crore, with existing investors joining.
Trifecta Capital, Alteria Capital and VentureSoul Partners supplied more than Rs 30 crore in debt. The company will spend it on clinic expansion, technology and artificial intelligence.
The plan is concrete. Within two to three years CureBay intends to go from over 250 technology-enabled clinics to 800, with Uttar Pradesh, Telangana and Andhra Pradesh carrying most of that growth. It currently operates in seven states.
Opening a clinic costs roughly Rs 8.5 lakh, while running one takes Rs 35,000 to Rs 55,000 a month. Breaking even takes 18 to 20 months for a cluster of around 50 sites, per the company.
The AI layer is where the economics get interesting. CareBay runs AI-powered screening and risk alerts, a 24/7 command center and a tool it calls Kavach. The new money also builds out an Intelligence Layer aimed at screening, health insights and clinical decisions along the whole care journey.
Money comes in through consultations, medicine, diagnostics, partner-hospital referral fees and government schemes. Annual recurring revenue stood near Rs 170 crore at the close of FY26, and management wants that figure doubled before FY27 ends.
