CureBay raises series A funding from Elevar Equity
- ByStartupStory | November 9, 2022
BENGALURU – The health technology platform CureBay announced on Wednesday that it has successfully completed its Series A funding round, which was led by the early-stage venture capital firm Elevar Equity. The amount raised is equivalent to approximately $6.1 million.
Priyadarshi Mohapatra, the company’s founder, stated in an interaction with VCCircle that the Odisha-based startup would put the proceeds toward hiring new employees as it scales up its business, investing in technology, and expanding its services to new geographical areas. Mohapatra, the founder and chief executive officer of CureBay, stated that “the capital will enable the next phase of expansion and help reinforce our position in the country.” [CureBay] is an online platform that helps people find and pay for alternative medical treatments.
CureBay was established in 2021 by Mohapatra, Shobhan Mahapatra, and Sanjay Swain. Its mission is to enable the last-mile distribution of primary healthcare services by partnering with other healthcare providers in the ecosystem. To date, the company has formed partnerships with 15 hospitals and three national laboratory chains. The start-up offers assistance in the areas of appointment scheduling, the provision of tele consultations, the delivery of medicine, the meeting of diagnostic requirements for patients, and the facilitation of admissions for tertiary care at partner hospitals in a manner that is both efficient and cost-effective. It currently operates 15 e-clinics in the outlying districts and villages of Odisha, where it has assisted over 10,000 patients, and the startup company plans to open an additional 100 e-clinics within the next year. Our hybrid model helps in overcoming the challenges of skewed patient-provider ratios and the concentration of providers in a few urban pockets, as he added. “The healthcare ecosystem needs an innovative model that enables it to collaborate on a real-time basis to deliver health outcomes to patients across the country.”
“At Elevar Equity, we have long been of the opinion that healthcare platforms for rural areas need to be specifically tailored to meet the demands of this market. According to Jyotsna Krishnan, managing partner at Elevar Equity, CureBay’s distribution model with assisted technology is well-positioned to address a massive gap. Millions of customers are eager to pay for quality healthcare in areas that are medically underserved. Curebay currently has a team of approximately over 40 people, and its primary mission is to serve patients in underserved markets and connect them to healthcare providers through the utilization of a full technology stack and a fulfillment model.
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