Mumbai-based healthcare payments startup, QubeHealth, is making waves in the industry with its innovative solutions. The company is in talks to raise $6-9 million in a Series A round over the next three to four months.
Funding and Valuation
The funding round is expected to see participation from a Japanese fund, a Singaporean fund, and its existing investors, including Inflection Point Ventures, Keiretsu Forum, Axiomatic Ventures, New Horizon Ventures, Mohit Burman (Chairman of Dabur India), and other family offices. Post this round, the startup’s valuation is expected to double to Rs 400 crore.
This comes less than six months after the startup’s pre-series A top-up round of Rs 25 crore, which reportedly happened at a valuation of Rs 200 crore.
Use of Funds
Much of the fresh capital will be used to develop and expand QubeHealth’s artificial intelligence (AI) capabilities. “A big chunk of funding is going to go into AI tech for predictive spend pattern analysis. The startup is also going to expand deeper into building out its financial security layer,” a source elaborated.
Future Plans
QubeHealth plans to build an online healthcare marketplace on the app, which will list hospitals, clinics, pharmacies, and diagnostic centers across cities and neighborhoods. This will provide users with an accurate list of healthcare providers in their vicinity, making accessing healthcare services easier.
About QubeHealth
Founded by Chris George and Gagan Kapur in 2020, QubeHealth is a B2B healthtech startup that offers two major products: Qube Pay, a UPI-based payments element that offers more than 10 percent cash back on every payment transaction; and Qube Cash, a healthcare credit line that offers up to 10 lakh at zero cost EMIs for more than 12 months.
QubeHealth’s healthcare credit line includes digital healthcare services, such as expensive eye, dental, skin, and pet care services, which are not covered by the employee’s standard group health insurance. Therefore, the employee can use this credit line to choose these services and convert them into zero-cost EMIs for 12 months.
With its innovative solutions and ambitious plans, QubeHealth is set to revolutionize the healthcare payments industry. The upcoming funding round will undoubtedly accelerate its growth and expansion, making healthcare more accessible and affordable for all.
QubeHealth has set a target of disbursing Rs. 50 crore in medical credit by the year 2024. The credit amount offered will start from Rs. 30,000 and will depend on factors such as the employee’s credit score, salary range, and employer. QubeHealth has partnered with over 300 corporate organizations covering around 150,000 employees and their families. There is also a network of 12,000 hospitals and clinics available to employees. Some of the corporate partners include Swiggy, ITC Hotels, Reserve Bank of India, Upstox, Zenoti, Financepeer, Prism Johnson, and SBI Life.
Tracxn data shows that QubeHealth had revenue of Rs 8.5 crore from operations during FY23, with 17.9% YoY growth. However, the company’s losses increased by 44.6% YoY to Rs 4.58 crore.