Published: October 22, 2026
StartupFeed Quick Take
- The CureBay funding totals about Rs 100 crore, led by IvyCap Ventures, announced on October 22, 2026.
- Rs 69 crore is equity. Over Rs 30 crore is debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
- The Bhubaneswar company wants 800 rural clinics within three years, up from about 250 now.
Bhubaneswar healthtech CureBay has raised about Rs 100 crore in a pre-Series C round led by IvyCap Ventures, its chief executive said on October 22.
Its filings with the Registrar of Companies show revenue of Rs 70.41 crore in FY25. That was up 467% from about Rs 12.4 crore a year earlier. The company is still loss-making.
Rs 69 crore of the round is equity. The rest is debt. Both parts land as CureBay tries to triple its clinic count.
Rs 69 Crore of Equity and Rs 30 Crore of Debt
IvyCap Ventures led the equity, alongside investors already on the cap table. Trifecta Capital, Alteria Capital and VentureSoul Partners put in over Rs 30 crore of debt between them, Inc42 reported.
No valuation was disclosed. CureBay had raised over $34.6 Mn before this round, from backers including Bertelsmann India Investments, British International Investment and Elevar Equity.
The debt deserves a second look. CureBay Technologies carries Rs 20.7 crore of open charges on the MCA register. Two of them, worth Rs 10 crore each, were registered in August 2025.
A further Rs 7.5 crore charge from 2023 was satisfied in July 2025. HDFC Bank registered Rs 70.23 lakh in June 2025.
So the fresh borrowing is bigger than everything CureBay has secured until now. VentureSoul Partners had also announced an investment in the company earlier this year.
What the Last Filed Accounts Show
Curebay Technologies Private Limited was incorporated on 25 December 2020 and files at Cuttack. Those filings show revenue of Rs 70.41 crore for FY25.
That is a jump of 467% from about Rs 12.4 crore in FY24. The balance sheet date is 31 March 2025. The last annual general meeting was held on 26 September 2025.
Paid-up capital stands at Rs 4.75 crore against authorised capital of Rs 6.5 crore. CureBay is recognised as a startup by DPIIT. It runs three subsidiaries: Curebay Pharmacy, Curebay Clinics and Helixotech.
Priyadarshi Mohapatra, Shobhan Mahapatra and Sanjay Swain founded CureBay in 2021. Mohapatra is listed as managing director, in post since December 2020.
Jyotsna Krishnan sits on the board as Elevar Equity’s nominee. Bhaskar Pramanik joined as a director on 1 July 2025. Swati Murarka came on as a nominee director a week later.
FY26 accounts are not filed yet. Mohapatra said the year closed with annual recurring revenue of nearly Rs 170 crore.
That is about 2.4 times the FY25 revenue on record. ARR is a run rate, not an audited annual figure.
| Measure | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue in filings | Rs 12.4 Cr | Rs 70.41 Cr | Not filed |
| Year-on-year growth | Not stated | 467% | Not filed |
| Annual recurring revenue claimed | Not stated | Not stated | About Rs 170 Cr |
Where the CureBay Funding Will Go
CureBay wants 800 rural clinics within two to three years. It runs about 250 today.
That means 550 new clinics. At the slower end it works out to 15 openings a month, and at the faster end about 23.
The whole round, spread across those 550 clinics, is barely Rs 18 lakh each. Technology and hiring come out of the same pot.
CureBay operates in Odisha, Chhattisgarh, Jharkhand and Bihar. Telangana and Andhra Pradesh are next.
Mohapatra put the technology plan this way:
“We have a full suite of AI products for areas like skin, dental, and haemoglobin. We will keep adding more products and continue investing in width as well as depth.”
Priyadarshi Mohapatra, cofounder and chief executive, CureBay. From his interview with Inc42, October 22, 2026.
The company is buying GPUs and training its own screening models. Its current tools cover skin, dental and haemoglobin checks.
CureBay also sells a subscription called Kavach. It bundles consultations, medicines, tests and some hospital costs.
Operating Breakeven Is Not Profit
CureBay broke even at operating EBITDA level in FY26, Mohapatra said. EBITDA means earnings before interest, taxes, depreciation and amortisation. The company still loses money overall.
Its monthly run rate is about Rs 20 crore now. Mohapatra expects that to rise nearly 50% by March.
That points to roughly Rs 30 crore a month by the end of FY27. Annualised, the figure is close to Rs 360 crore.
Profit at company level waits on scale, Mohapatra said. New states bring fresh spending before they bring returns.
Entrackr reported more than 17 lakh patients served, 1,800 Swasthya Mitras and over 210 partner hospitals and labs. The count CureBay gave this week was over 12 lakh patients across 4,500 pincodes. The two numbers do not match.
What this means for you: If you run a healthtech startup outside the metros, this round shows lenders will now fund clinic networks, not just software. Check whether your collections are steady enough to carry venture debt before your next equity round.
StartupFeed Insight
The debt line is the part worth reading twice. CureBay had Rs 20.7 crore of open charges on the MCA register before this round. The fresh borrowing of over Rs 30 crore is larger than every secured loan it has registered so far. Lenders do not write those cheques for rural clinics without steady collections behind them. Doubling an ARR is also not the same as doubling reported revenue. At Rs 20 crore a month now, FY27 revenue lands nearer Rs 280 crore than Rs 340 crore. The March run rate of about Rs 30 crore is the one to watch.
By Avinash Mishra, Business Correspondent
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