Pune's Clinics On Cloud raises Rs 120 crore after eight bootstrapped years

Clinics On Cloud, a health-technology company based in Pune, said on Monday, October 26, 2026 that it has raised Rs 120 crore in a Series A funding round led by Model42, a Dubai-based healthcare investment platform. The company said the round values it at Rs 600 crore. Founded in 2018 by Abhay Agarwal and Manashrri Agarwal, the company had grown without outside investors for about eight years before this round, according to its announcement.

Most Indian start-up stories begin with outside money. This one runs the other way. By its own account, Clinics On Cloud spent about eight years growing on its own revenue in a business that needs physical hardware: screening booths, compact clinics and vehicles fitted with medical equipment. Hardware-heavy businesses usually burn cash faster than pure software ones because every new site needs equipment to be built, shipped, installed and maintained. A company that has reached thousands of installations before taking its first institutional round is unusual, and it shows that a self-funded path is possible for founders outside the software-only model.

The idea behind the company is the "microclinic": a small, self-contained health point that can sit in an office, a pharmacy, a housing society, a factory or a remote village, rather than inside a hospital. Such units typically handle basic checks such as blood pressure, blood sugar, body measurements and other screening tests, and can connect a patient to a doctor by video. The company says it uses artificial intelligence to help with diagnostics, though it has not published details of how its systems are tested or validated, so those claims remain the company's own.

The money is mainly aimed at markets abroad. The company plans to start with the United Arab Emirates and then move into Africa, the United States and Southeast Asia. Founder and CEO Abhay Agarwal said the company aims to build the infrastructure layer for what it calls the global microclinic economy. Moving into new countries brings costs that a domestic business does not face, especially medical device approvals, which differ from country to country. The company has said part of the new funding will go to international regulatory compliance and to scaling up manufacturing.

For founders in Pune and other cities outside the top start-up hubs, the round is also a reminder that capital can come from the Gulf, not only from Bengaluru, Mumbai or Silicon Valley investors.

Short-term: The company will put the funds into opening in the UAE, regulatory work and manufacturing more units. Job openings in engineering, manufacturing and field operations are likely to follow if the plan proceeds as described.

Long-term: If the expansion works, Clinics On Cloud could become one of a small number of Indian health-hardware companies selling at scale abroad. Its progress will also be watched as a test of whether low-cost screening points can make primary care easier to reach.

Who is affected: Patients who use screening points in workplaces, communities and remote areas; health-tech founders weighing whether to bootstrap or raise early; investors looking at Indian medical hardware; and employees and suppliers in the Pune region.

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