Pune-based healthtech startup secures its first outside funding to build a worldwide network of microclinics
Most Indian startups raise money early and often. Clinics On Cloud did the opposite, and its first outside round arrives with a ₹600 crore valuation attached.
The deal
Clinics On Cloud, a Pune-based health-tech company, has secured ₹120 crore in Series A funding at a valuation of ₹600 crore, backed by Dubai-based healthcare investment platform Model42. Model42 was co-founded by Timur Kudratov of Enlightened Minds Investments, Dr. Aida Sheikhaliyeva, and Dr. Raees Tonse, founder and CEO of NAZR Ventures.
A bootstrapped story
The company was founded in 2018 by Abhay Agarwal and Manashrri Agarwal, and grew through eight years of bootstrapped effort. That makes this round notable: the business scaled without external capital before taking its first institutional cheque.
What the company does
Starting with Health ATMs, Clinics On Cloud has grown into a broader healthcare infrastructure provider, building AI-enabled Health Lounges, Box Clinics and Mobile Medical Units. Its technology-enabled infrastructure is designed to take preventive screening and primary care beyond conventional hospitals and diagnostic centres.
The company reports scale as well: more than 3,500 installations, over 12 million health screenings, and operations in more than eight countries.
Where the money goes
The funds will accelerate international expansion, starting with the UAE, with Africa, the United States and Southeast Asia as target markets. The company will also put resources into ongoing AI diagnostics research to improve the accuracy of automated analysis. Founder and CEO Abhay Agarwal framed the ambition as building the infrastructure layer for what he calls the global microclinic economy.
Why it matters
Primary care access remains uneven across emerging markets, and compact, tech-led clinics are an appealing way to close that gap without building full hospitals. A Dubai-based investor backing an Indian startup’s UAE entry also shows how Gulf capital and Indian healthtech are increasingly finding each other.
What to watch
- How quickly the UAE rollout moves from announcement to installed units.
- Whether regulatory approvals for AI-assisted screening differ across the US, Africa and Southeast Asia.
- Whether the company holds its bootstrapped discipline as it scales with outside capital.
Note: The funding announcement was published as a press release, so figures such as installations and screenings are company-reported.
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