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QubeHealth co-founder and CEO Chris George
Deeptech-focused early-stage venture fund Unicorn India Ventures and CanBank Venture Capital Fund, from VI Fund “Empower India Fund” has made an undisclosed investment into the Mumbai-based healthcare payments startup, QubeHealth.
The investment is part of QubeHealth's pre-Series-A funding round.
What does QubeHealth do?
QubeHealth-Pay’s app helps Indians manage their family's healthcare expenses by allowing payments through multiple funding sources at any hospital, clinic, doctor, or pharmacy.
The startup offers instant cash-back discounts on every bill and provides access to instant medical financing for bills not covered by health insurance.
It targets employees and their families from large Indian corporations such as Flipkart, Tata Teleservices, and 300 other employers. Companies subscribe to Qube’s healthcare payment products for their employees, usually as an add-on to the company group health insurance plan.
Purpose of fundraising
QubeHealth said it will use the raised capital for further investment in technology and new feature launches like embedded insurance, genAI-led recommendation engine and a healthcare marketplace.
"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 in a month, giving us deep insights about out-of-pocket healthcare spending in India," said Chris George, Co-Founder & CEO of QubeHealth.
The startup plans to raise about $9 million in its upcoming Series A funding round at a valuation of Rs 270 crore.
"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 added.
QubeHealth's market presence
Qube claims to have seen over 400% growth this year, distributing its product exclusively through the B2B2C channel of employers, to their employees and their families.
The startup also claimed that it is on track to process over Rs 100 crore of healthcare payments by the end of this financial year.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “At UIV, we have been an active investor in fintech and health-tech startups. Qube has successfully integrated the benefits of fintech with health related payments, providing a much needed solution for doctor visits and emergencies. It is no secret that medical bills that are not covered in insurance cause considerable financial stress among families."
"We have seen Qube’s growth over the years and their product market fit has shown encouraging results. We believe combined with Chris’ deep understanding of the market gap and our well-proven investment thesis will help QubeHealth achieve faster growth before venturing out for Series A," Majumdar added.
Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first