QubeHealth providing healthcare credit line to employees in talks to raise up to $9M in a Series A round: Report

Mumbai-based healthcare payments startup QubeHealth is reportedly in talks to raise between $6-9 million in a Series A funding round.

According to a Moneycontrol report, the Series A round could see participation from several investors, including a Japanese fund, a Singaporean fund, and a cohort of existing backers, including Inflection Point Ventures, Keiretsu Forum, Axiomatic Ventures, New Horizon Ventures, and Mohit Burman, the Chairman of Dabur India, among other family offices.

Bolstering AI capabilities 

The report said the capital is aimed at bolstering its artificial intelligence (AI) capabilities and expanding its financial security layer.

A substantial portion of the funds will be dedicated to enhancing AI technology for predictive spend pattern analysis. Additionally, the startup plans to develop an online healthcare marketplace within its app, listing an array of healthcare providers, including hospitals, clinics, pharmacies, and diagnostic centres across various locales.

At what valuation? 

The round is expected to double QubeHealth's valuation, reaching Rs 400 crore from Rs 200 crore. Prior to this, QubeHealth raised Rs 25 crore in a pre-series-A round in September 2023 led by existing investors Inflection Point Ventures and Green Ivy Ventures and a few family office investors

Providing healthcare credit line to employees

Founded by Chris George and Gagan Kapur, Qubehealth provides a payment system and healthcare credit line to employees of corporates that enroll. This service complements the group health insurance policies offered by employers, assisting individuals with out-of-pocket medical bills or expenses not fully covered by their health insurance, and facilitates the payment of non-cashless bills.

QubeHealth's offerings

QubeHealth's offerings, Qube Pay and Qube Cash, provide up to 10% cashback on transactions and a healthcare credit line up to Rs 10 lakh at no-cost EMIs for up to 12 months, respectively.

These two products cater to a wide range of healthcare services, extending beyond traditional coverage to include eye care, dental care, skin care, and even pet care. The startup's model allows employees to access these services through no-cost EMIs, a revolutionary step towards making healthcare more accessible and affordable.

Partnerships and financial performance 

QubeHealth claims to have partnered with over 300 corporates, including notable names like Swiggy, ITC Hotels, and the Reserve Bank of India. With these partnerships, The startup covers around 150,000 employees and their families.

It also claims to have a network of 12,000 hospitals and clinics. Despite its rapid growth and expansion, QubeHealth recorded Rs 8.5 crore in revenue for FY23, marking a 17.9% year-on-year growth, although its losses widened by 44.6% to Rs 4.58 crore.

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