QubeHealth Secures Pre-Series A Funding from Unicorn India, CanBank VC
QubeHealth, a healthcare payments firm based in Mumbai, has raised an undisclosed sum through pre-Series A funding. Unicorn India Ventures and CanBank Venture Capital Fund owned by the state-run bank Canara Bank have come in with the funding.
The investment strategically positions QubeHealth for its upcoming Series A round, targeting $9 million at a valuation of Rs 270 crore, according to a press release.
The company intends to use the fresh capital to enhance its technological capabilities and introduce new features, including embedded insurance, a generative artificial intelligence-powered recommendation engine, and a healthcare marketplace.
"We are seeing significant growth, even though we are currently limited to the B2B2C channel", said Chris George, co-founder and chief executive officer of QubeHealth. "Employees of our corporate clients are adding their family members and are paying for healthcare multiple times in a month, providing us with valuable insights into out-of-pocket healthcare spending in India".
QubeHealth integrates payments infrastructure, financing, and insurance into its QubePay mobile application, offering discounts, medical finance, and access to healthcare providers without network restrictions, stated the press release.
"Medical bills not covered by insurance cause considerable financial stress among families. We have observed QubeHealth’s growth over the years, and their product-market fit has shown promising results", said Bhaskar Majumdar, managing partner, Unicorn India Ventures.
India's healthcare landscape is characterised by over $50 billion in annual out-of-pocket spending, often leading to financial strain. The company aims to streamline these transactions as digital payments gain prominence.
The payments startup has been growing at over 400 percent this year, distributing its product through the B2B2C channel, and is projected to process over Rs 100 crore in healthcare payments by the end of this financial year.