CureBay, a hybrid health platform, has secured $21 million in its Series B funding round, spearheaded by Bertelsmann India Investments. The round included participation from current investor Elevar Equity, as well as British International Investment.

CureBay announced in a press release that the recent capital investment will be used to enhance its proprietary technology infrastructure and aid its growth throughout India. The organization is leveraging its AI and data resources to enhance predictive care and operational effectiveness.

It seeks to widen its presence in new states such as Jharkhand, Bihar, Uttar Pradesh, and Madhya Pradesh. It will additionally focus on enhancing the platform, developing unique algorithms, and creating automation tools centered on rural workflows.

The regulatory documents of the company indicate that Bertelsmann plans to invest approximately Rs 94 crore ($11 million), whereas British International Investment and initial investor Elevar Equity will provide Rs 34 crore ($4 million) and Rs 31 crore ($3.6 million), respectively. The outstanding capital is still pending receipt.

Established in 2021 by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, CureBay provides last-mile primary healthcare via a technology-driven network of e-clinics in rural areas and small towns.

The company offers high-quality, accessible, and budget-friendly services for doctor consultations, diagnostics, pharmacy, and tertiary care to rural families via its network of over 150 eClinics operating in Odisha and Chhattisgarh. Its preventive health initiative has 90,000 active participants, achieving a renewal rate above 60 percent.

As per startup data intelligence platform TheKredible, CureBay has secured approximately $37 million so far, which encompasses its $7.5 million Series A1 funding round completed in January 2024.

For the fiscal year concluding in March 2024, CureBay indicated an increase of over 16 times in operating income to Rs 10.3 crore, up from Rs 63.3 lakh in FY23. Nonetheless, the company’s losses grew more than 2.4 times to reach Rs 39 crore during that time.

The firm recently announced that its Balasore and Puri Circles have achieved operational profitability.