Healthtech startup Curebay raised $7.5 M Series A funding from Elevar Equity
In a fresh funding round headed by longtime backer Elevar Equity, health tech startup Curebay has raised Rs 61.8 crore, or $7.5 million. The Series A round, which ended in November 2022, is being extended with this.
According to Curebay’s regulatory filings, which were obtained from the Registrar of Companies (RoC), the board decided to issue 4,80,590 Series A1 CCPS at an issue price of Rs 1287.12 per, with the goal of raising Rs 61.8 crore, or $7.5 million.
The CEO of Curebay, the CTO, and other members of the leadership team contributed a total of Rs 1.6 crore during the round, with Elevar Equity leading the way with 60 crores.
Using technology and a network of e-clinics to make healthcare accessible to those living in small towns and villages, CureBay was founded in 2021 and facilitates the last-mile delivery of primary healthcare services.
The Chennai-based business last raised Rs 50 crore in the final quarter of 2022 during its Series A round, which was led by Elevar Capital. Elevar Equity is the largest external stakeholder with 34.08% after the fresh proceeds, followed by Hemani Industries and InCred Wealth. Priyadarshi Mohapatra, the company’s CEO and co-founder, has a 43.13% share.
Via a transparent booking model and concierge services, the platform uses a hybrid model to arrange appointments, offer teleconsultations, administer medication, attend to patients’ diagnostic needs, and make it easier for patients to be admitted for tertiary care at partner hospitals.
With operations generating Rs 63 lakhs in revenue in FY23 and losses widening to Rs 15.95 crore in the previous fiscal year, the three-year-old company looks to be in the pre-revenue stage.
