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Thursday, December 7, 2023

Health-tech startup CureBay gets Rs.50 crore funding; will open  100 eClinics

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CureBay has secured Rs.50 crore in Series A round of funding. The health-tech startup was launched just last year by  Shobhan Mahapatra, Priyadarshi Mohapatra, and Sanjay Swain.

CureBay, an Odisha-based health-tech startup, announced on Wednesday that it has secured 50 crore in a Series A fundraising round headed by Elevar Equity, a private equity firm located in the United States.

The company will use the money to hire qualified workers, expand to new markets, and develop its technology platform and care delivery approach.

CureBay intends to open 100 eClinics in the next twelve months. The organization presently operates 15 eClinics in Odisha’s rural districts and villages, serving over 10,000 patients.

Priyadarshi Mohapatra, CureBay’s founder and CEO, stated, “The money will enable the next phase of development and assist solidify our position in the country.”

CureBay, founded in 2021 by Shobhan Mahapatra, Priyadarshi Mohapatra, and Sanjay Swain, provides economical healthcare services to rural communities. Its eClinics and technology enable last-mile delivery of basic healthcare services, making healthcare accessible in small towns and villages.

Priyadarshi Mohapatra remarked, “With CureBay, we seek to empower the healthcare system and make it accessible to those who lack information and adequate medical resources. Our hybrid methodology contributes to resolving the issues of skewed patient-provider ratios and provider concentration in a a couple of metropolitan areas.”

CureBay provides basic healthcare services using a mixed strategy. It uses a booking approach to allow users to plan appointments, perform teleconsultations, distribute medicine, provide diagnostic services, and admit patients to tertiary care at its partner institutions.

CureBay clinics employ skilled healthcare staff who help walk-in patients connect with city-based doctors for consultations. The eClinics also provide diagnostic services through partner laboratories and medication delivery.

Elevar Equity managing partner Jyotsna Krishnan stated, “We at Elevar Equity have long maintained the position that rural healthcare platforms need to be custom-designed for this market. CureBay’s mixed distribution strategy with supported technology is well-positioned to fill a major gap: millions of customers are prepared to pay for high-quality healthcare in medically disadvantaged areas.”

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