Bangalore-based healthcare payments startup QubeHealth is reportedly in discussions to secure between $6-9 million in a Series A funding round. As per a report by Moneycontrol, the Series A funding is expected to attract investments from various entities, including a Japanese fund, a Singaporean fund, and a group of existing backers, such as Inflection Point Ventures, Keiretsu Forum, Axiomatic Ventures, New Horizon Ventures, and Mohit Burman, the Chairman of Dabur India, along with other family offices.
The capital infusion aims to strengthen QubeHealth’s artificial intelligence (AI) capabilities and expand its financial security layer. A significant portion of the funds will be allocated towards enhancing AI technology for predictive spend pattern analysis. Moreover, the startup intends to establish an online healthcare marketplace within its app, featuring a wide range of healthcare providers, including hospitals, clinics, pharmacies, and diagnostic centers across different regions.
The Series A round is anticipated to double QubeHealth’s valuation, soaring from Rs 200 crore to Rs 400 crore. Earlier, 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, along with several family office investors. Co-founded by Chris George and Gagan Kapur, QubeHealth offers a payment system and healthcare credit line to employees of enrolled corporates. This service complements employers’ group health insurance policies, assisting individuals with out-of-pocket medical bills or expenses not fully covered by their health insurance, and facilitating the payment of non-cashless bills.
QubeHealth’s offerings, Qube Pay and Qube Cash, provide up to 10% cashback on transactions and a healthcare credit line of up to Rs 10 lakh at no-cost EMIs for up to 12 months, respectively. These products cover a broad spectrum of healthcare services, including eye care, dental care, skin care, and pet care, enabling employees to access these services through no-cost EMIs, thereby revolutionizing healthcare accessibility and affordability.
QubeHealth claims to have partnered with over 300 corporates, including prominent names like Swiggy, ITC Hotels, and the Reserve Bank of India, covering approximately 150,000 employees and their families. The startup boasts a network of 12,000 hospitals and clinics. Despite its rapid growth and expansion, QubeHealth reported revenue of Rs 8.5 crore for FY23, representing a year-on-year growth of 17.9%, although its losses widened by 44.6% to Rs 4.58 crore.