Curry started but did not score in the first quarter of the 121-113 loss Thursday at Chase Center in San Francisco.
"It felt great," Curry said of his return from a hand injury. "There was a lot of energy and anticipation of just getting back out there tonight to see what was going to happen."
Curry missed his first four 3-point attempts before sinking his first shot from downtown with 7:40 remaining in the first half. Curry had 11 points at the break, with the Warriors trailing 62-55 at halftime. He added eight points in the third quarter. The Raptors had an 89-88 lead entering the final frame.
The Warriors kept the game close throughout the fourth quarter until the Raptors ended the game on a 6-0 run to clinch the win.
"To me it feels like it's on again," Warriors coach Steve Kerr said of Curry's impact on the season. "We are now through the woods. We can start looking ahead and using these games for trying to prepare ourselves for reaching a higher level of play."
Norman Powell scored a game-high 37 points for the Raptors. Kyle Lowry had 26 points, 10 assists and five rebounds in the win. Serge Ibaka scored 13 points and had 13 rebounds for the Raptors. Curry had seven assists and six rebounds in addition to his 23 points. Damion Lee also had 23 points for the Warriors. Warriors forward Andrew Wiggins had 21 points and 10 rebounds in the loss.
The Warriors (14-49) host the Philadelphia 76ers at 8:30 p.m. EST Saturday in San Francisco. The Raptors (44-18) face the Sacramento Kings at 9 p.m. EST Sunday at Golden 1 Center in Sacramento.
"For us, it was a good step in the right direction," Curry said. "Everybody just competed. We can build off of this."