Exclusive: Curebay raises $7.5 Mn from Elevar Equity

Health-tech platform Curebay has raised Rs 61.8 crore or $7.5 million in a new round led by existing investor Elevar Equity. This is the extension of Series A round which was concluded in November 2022.

Curebay’ board passed a resolution to issue 4,80,590 Series A1 CCPS at an issue price of Rs 1287.12 each to raise Rs 61.8 crore or $7.5 million, its regulatory filings sourced from the Registrar of Companies (RoC) shows.

Elevar Equity spearheaded the round with 60 crore while other individuals including Curebay's CEO, CTO, and other members of the leadership team poured Rs 1.6 crore cumulatively during the round.

Founded in 2021, CureBay enables the last-mile distribution of primary healthcare services by leveraging technology and a network of e-clinics that make healthcare accessible to people in small towns and villages.

According to the data intelligence platform TheKredible’s estimates, the company has been valued at around Rs 450 crore or $55 million post-allotment.

The Chennai-based company last raised Rs 50 crore in its Series A round led by Elevar Capital in the last quarter of 2022. Following the fresh proceeds, Elevar Equity is the largest external stakeholder with 34.08% followed by Hemani Industries and InCred Wealth. Its co-founder and chief executive officer Priyadarshi Mohapatra commands 43.13%.

The platform uses a hybrid model to schedule appointments, provide teleconsultations, deliver medicine, address the diagnostic needs of patients, and facilitate admission for tertiary care at partner hospitals via a transparent booking model and concierge services.

The three-year-old company appears to be in pre-revenue stage as its revenue from operations stood at Rs 63 lakhs during FY23 while the losses widened to Rs 15.95 crore in the last fiscal year.