Indian digital health startup CureBay has raised INR 50 million ($6 million) in a Series A funding round led by Elevar Equity.
function
Founded last year, CureBay enables last-mile access to primary health care services through a hybrid care model. The company operates a technology platform and a network of e-clinics, offering a variety of services including appointment scheduling, phone consultation, medication delivery, diagnostic testing, hospital appointments and concierge services.
Purpose
There is currently a network of 15 e-clinics throughout Odisha. The new funding will allow us to execute on our plan to open 100 more e-clinics over the next 12 months. We also plan to hire more staff, expand to new locations, and further strengthen our platform and care delivery model.
why it matters
India is currently facing a shortage of health workers, with only one doctor who treats 12,000 people. This is far from the ratio of 1 doctor per 1,000 population recommended by the World Health Organization.
In addition, only 28% of India’s population has access to doctors, hospitals and beds in big cities, leaving the remaining 72% in semi-urban and rural areas with few sources of healthcare.
CureBay is trying to fill this gap through a hybrid model. It helps walk-in patients connect with doctors in the city via telemedicine and provides access to a network of diagnostic laboratories and hospitals. We can also deliver prescription drugs through e-clinics.
“Our hybrid model helps us overcome the challenges of skewed patient-provider ratios and the concentration of providers in a few urban areas,” said CEO and Founder Priyadarshi Mohapatra said.
market snapshot
Indian healthtech start-ups continue to attract global and local investment. This latest investment round by CureBay Eka Care, Zyla, Truemeds, and MediBuddy.
Two technology-driven dharma startups, Clinikally and CureSkin, as well as mental health app heyy, also raised funding this year.
