 "QubeHealth secures funding for Pre-Series-A, eyes Rs 270 crore valuation")
Unicorn India Ventures and CanBank Venture Capital Fund’s VI Fund, under its ‘Empower India Fund’, have made a strategic investment in QubeHealth, a Mumbai-based healthcare payments company. While the specific amount remains undisclosed, the funding marks a significant step in QubeHealth’s growth trajectory, as it gears up for its Series-A funding round, which is anticipated to raise Rs 270 crore.
The funds will power advancements in QubeHealth’s technology infrastructure and introduce innovative features such as embedded insurance, a generative artificial intelligence-driven recommendation engine, and a healthcare marketplace. These upgrades are designed to enhance user experience ahead of the Series-A round expected later this financial year, where QubeHealth aims to raise $9 million.
Commenting on the investment, QubeHealth’s Co-Founder and Chief Executive Officer Chris George said, “It is our privilege to have the support of reputed and experienced investors like CanBank VC and Unicorn India Ventures, as we change how India pays for healthcare. We are seeing massive growth, even though we are limited to the B2B-2C channel for now.”
“Employees of our corporate clients are adding their family members and are paying for their healthcare multiple times a month, giving us deep insights into out-of-pocket healthcare spending in India. We look forward to leveraging the support and guidance of these two institutional investors as we grow and prepare for our upcoming Series-A,” George said.
QubeHealth’s app, QubeHealth-Pay, enables users to pay their family’s healthcare bills at any medical facility, using multiple fund sources, with the added benefit of instant discounts and cash-backs. The app also provides access to immediate medical financing for expenses not covered by health insurance. With prominent corporate clients such as Flipkart and Tata Teleservices, QubeHealth’s platform is used by employees across more than 300 companies to seamlessly cover healthcare expenses across India.
Speaking about QubeHealth in the health-tech and fintech sectors, Bhaskar Majumdar, managing partner at Unicorn India Ventures said the has successfully integrated the benefits of fintech with health-related payments, providing a much-needed solution for doctor visits and emergencies. “Medical bills not covered by insurance often cause financial stress [to customers], and Qube’s growth shows strong product-market fit. With Chris’ deep market insights and our investment thesis, we believe QubeHealth is positioned for accelerated growth,” said Majumdar.
Experiencing a growth rate exceeding 400 per cent this year, QubeHealth has primarily distributed its product through B2B2C channels, partnering with employers to reach employees and their families. The healthcare payments company is on track to process over Rs 100 crore in healthcare payments by the end of this financial year.
Sanjeev Kumar Shrivastava, managing director at Canbank Venture Capital Fund, expressed confidence in QubeHealth’s disruptive potential. Reiterating that QubeHealth is transforming healthcare payments in India, Shrivastava said, “We believe that Chris and his team will redefine consumer access to financial products, and our investment alongside UIV will help Qube achieve faster growth.”