Healthcare startup CureBay has raised around Rs 62 crore in a funding round led by existing investor Elevar Equity.
These funds will be utilized to enhance access to affordable healthcare in underserved locations. CureBay also plans to develop a robust data platform and recruit skilled professionals in both the technology and healthcare sectors.
In November 2022, CureBay had previously secured Rs 50 crore in funding from Elevar Equity.
“The company aims to focus on driving profitability and data monetization by investing in recurring revenue streams such as its membership programme and building its data practice – both in technology and on the go-to-market front,” it said in a statement.
The funding will be allocated to recruit over 200 professionals, including data scientists and healthcare experts in diagnostics and pharmacy, as stated in a press release from the startup.
With these funds, the company aims to expand its clinics from 90 to over 200, covering regions such as Odisha, Chhattisgarh, and Jharkhand.
“Our hybrid model leverages data and technology, driving affordability and strongly differentiates our approach to solving healthcare challenges at the grassroots level,” said Priyadarshi Mohapatra, founder and CEO, CureBay.
Jyotsna Krishnan, managing partner, Elevar Equity, said, “The company’s approach is unique; it does not aim to solely be a telemedicine provider or delivery aggregator. CureBay’s blended distribution model, augmented with technology, is well-positioned to address a massive gap – millions of customers in medically underserved locations are eager to pay for timely, quality healthcare.”