Pune-based health-tech company Clinics On Cloud has raised Rs 120 crore in a Series A funding round backed by Dubai-based healthcare investment platform Model42, at a reported valuation of Rs 600 crore. It is the largest new deal in startup funding in India on Monday, 26 October 2026, and it caps eight years of bootstrapped growth for the company.
Who backed the round
Model42 brings strategic investment, healthcare expertise and international market access, according to the announcement. The platform was co-founded by Timur Kudratov of Enlightened Minds Investments, Dr Aida Sheikhaliyeva and Dr Raees Tonse, founder and chief executive of NAZR Ventures.
What Clinics On Cloud builds
Founded in 2018 by Abhay Agarwal and co-founder Manashrri Agarwal, Clinics On Cloud started with Health ATMs and has grown into a healthcare infrastructure provider offering AI-enabled Health Lounges, Box Clinics and Mobile Medical Units. Its platform combines medical diagnostics, AI-powered health insights, digital health technology and telemedicine, serving governments, hospitals, defence establishments and large corporate organisations.
The company reports more than 3,500 installations and over 12 million health screenings across more than 8 countries. The pitch is preventive screening and primary care delivered outside traditional hospitals and diagnostic centres, at a cost and scale that smaller towns and workplaces can support.
Where the money goes
Dealroom's coverage of the round reports the capital will fund overseas growth, starting with the UAE and targeting Africa, the US and Southeast Asia, alongside AI-driven diagnostics, research and development, regulatory compliance and manufacturing. Founder and chief executive Abhay Agarwal is quoted as saying the ambition is to build the infrastructure layer for the global microclinic economy.
That makes Clinics On Cloud part of a wider 2026 shift in Indian health-tech funding: after years of app-first bets, investors are backing physical care-delivery infrastructure, from rural clinic networks to hospital chains, where the moat is distribution and execution rather than downloads.
Why it matters for founders
Eight bootstrapped years, real installations and a screening volume in the millions did more for this Series A than any pitch deck could. If you are building in hardware-heavy health-tech, traction that a funder can count — sites live, tests done, countries entered — is the fundraising story, and a specialist backer like Model42 can open the exact overseas markets the next phase needs.