Why Did We Invest In CureBay?

TLDR

Bertelsmann India Investments (BII) on Why We Invested in CureBay: Bridging the Quality Healthcare Gap in Rural India

• More than 800 million Indians in rural areas don't have access to good healthcare. Though nearly 70% of India's population resides in rural areas, more than 80% of doctors and 75% of dispensaries are concentrated in urban areas. More than 90% of rural patients have to travel more than 10 kilometers to access basic health care services, and 92% of the cost of hospitalization in rural areas is paid out of pocket. Healthtech startups have pulled in more than $1.1 billion in investment in 2024, and the majority of that innovation has not reached rural India.
• CureBay was created to make a difference. CureBay, established by Priyadarshi Mohapatra, Shobhan Mohapatra, and Sanjay Swain, is developing India's most comprehensive, tech-enabled rural healthcare platform, offering features such as teleconsultation, diagnostics, pharmacy delivery, surgical referrals, and AI-led tools like CareSathi on a single platform. With 150+ eClinics already operational across Odisha and Chhattisgarh and over 550,000 unique patients served, CureBay is embedding care into the daily lives of rural communities through nearly 1,000 village-level Swasthya Mitras who bridge the last mile of trust.
• Bertelsmann India Investments led CureBay's USD 21 million Series B
• . The conviction is straightforward: rural households outnumber urban households by 2x, spend only 20% less annually on healthcare, and lack a scaled solution serving them. The potential TAM exceeds $20 billion, with no direct competitor owning the full care journey at scale.
• It is a reflection of BII's mission-based thinking in investing in the early growth stages of companies with founders who have extensive sector experience and on-the-ground knowledge of what they aim to solve at scale. With the continued growth of Ayushman Bharat, CureBay could emerge as the backbone of healthcare in rural India.

CureBay:  Bridging the Quality Healthcare Gap in Rural India

India’s healthcare sector is on course to reach $320 billion by 2030, yet the ground reality for the 800+ million people in rural India tells a very different story.

• There is an 80% shortfall in government-established Community Health Centres, and the existing ones are often understaffed or fail to meet government quality standards
• Over 80% of doctors, 75% of dispensaries, and 60% of hospitals are concentrated in urban areas, despite nearly 70% of India's population residing in rural regions
• Around 90% of rural patients must travel over 10 kilometres to access basic healthcare services
• 92% of hospitalization expenses in rural areas are paid out-of-pocket, indicating a clear propensity to pay

And while healthtech startups in India raised over $1.1 billion in 2024, most of that innovation hasn’t reached rural India. Existing fragmented solutions, such as teleconsultation apps and temporary pop-up health camps, fail to provide continuity of care and, making it difficult to build trust within the community.

 Curebay solves for these problems through its full-stack, end to end model.

A First-of-Its-Kind Approach to Rural Healthcare

CureBay, founded in 2021 by Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain, is building India’s first full-stack, tech-enabled rural healthcare ecosystem.

With 150+ eClinics already operational across Odisha and Chhattisgarh, CureBay is embedding care into the daily lives of rural patients through a powerful blend of physical infrastructure and digital technology:

• Tele consultations via qualified and specialist doctors where the doctor is assisted by CureBay healthcare staff to diagnose the patient
•  Diagnostics services through own clinics and partner network
• Pharmacy delivery – direct to consumer and to existing pharmacies
•  Helping patients find the best quality hospitals for surgeries and assisting them with concierge services and paperwork during the day of surgery
• AI tools like CareSathi for smart vitals, face scans, and personalized reports

Importantly, CureBay works with almost 1000 village-level influencers known as Swasthya Mitras to form the bridge of trust with the local community These Swastha Mitras educate villagers about Curebay’s offerings, offer last-mile support and engage with customers regularly, allowing healthcare to reach villages.

Why We Invested

At Bertelsmann India Investments, we back founders solving complex, large-scale problems. CureBay’s vision aligns with our thesis: building for Bharat, at scale, with a focus on long-term impact. CureBay stood out for multiple reasons:

1. A Large, Untapped TAM

With over 800M lives in need and no scaled solution, the white space is immense — and growing.

Rural households spend only 20% lower annually on healthcare than Urban households and these households outnumber urban ones by 2 times, creating a potential TAM of >$20b.

2. Highly fragmented market lacking established players

Most healthtech players focus on urban markets or limited interventions. CureBay owns the entire care journey — from primary consult to pharmacy to advanced care — with no direct competitor at scale in rural India.

3. Full-Stack Solution with a strong margin profile

CureBay captures multiple revenue touchpoints across a patient’s lifetime. Unlike telehealth startups or fragmented health camps, CureBay manages the entire patient journey. The result is a sticky customer, higher margins, and defensible distribution built through high engagement.

4. Founders with Deep Conviction and On-ground Insights

With 25 years of experience in enterprise and consumer sectors, and personal roots in rural healthcare through his mother’s hospital in Odisha, Priyadarshi brings deep insight and empathy to the mission. Alongside Shobhan and Sanjay, the founding team combines strengths in business, product, engineering, data management, and AI/ML—essential for building a scalable, tech-first healthcare network in rural India.

Looking Ahead

CureBay has already served over 550,000 unique patients and works with 200+ ecosystem partners, validating the demand for affordable, reliable healthcare in underserved regions. The team is now set to expand into new states, strengthen its AI capabilities, and deepen its partnerships with existing partners.

As India’s national programs like Ayushman Bharat continue to evolve, Curebay is well aligned to become the foundational healthcare network for rural India.

In CureBay, we found a mission grounded in reality and built for impact. We're proud to partner with them on this journey to deliver healthcare where it’s needed most.

Welcome to the family, CureBay.