Unicorn India Ventures, CanBank VC Fund lead undisclosed Pre-Series-A investment in QubeHealth, ET HealthWorld

Mumbai: Unicorn India Ventures and CanBank Venture Capital Fund led an undisclosed investment into the Mumbai-based healthcare payments company, QubeHealth, as part of its Pre-Series-A round, setting up the company for its upcoming Series-A round at a valuation of Rs 270 crore.

Funds raised will be used for further investment in technology and new feature launches like embedded insurance, gen-AI led recommendation engine and a healthcare marketplace; prior to its Series-A round later this financial year. Qube is looking to raise about $9 million in its upcoming Series-A.

Chris George, Co-Founder & CEO, QubeHealth said, “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. We look forward to leveraging the support and guidance of these two institutional investors, as we grow and prepare for our upcoming Series-A.”

The company’s app helps Indians pay for their family’s healthcare bills, using multiple fund sources, at any hospital, clinic, doctor or pharmacy, offering an instant discount cash-back on every bill paid, and access to instant medical finance, if the bill is not covered through your health insurance.

The users are employees and their families, of large Indian corporates like Flipkart, Tata-Teleservices and 300 other employers, who use the mobile app, to scan and pay at any health or medical merchant in India.

Talking about the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “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.”

The start-up has been growing at over 400 per cent this year, distributing its product exclusively through the B2B2C channel of employers, to their employees and their families. The company is on track to process over Rs 100 crore of healthcare payments by the end of this financial year.

Sanjeev Kumar Shrivastava, Managing Director, Canbank Venture Capital Fund Ltd, said, “We believe Chris’ and his team will disrupt the way consumers access financial products and our investment along with UIV will help QB Health achieve faster growth.”

Indians spend over $50 billion every year, paying for healthcare from their pockets. These payments are for expenses that are not covered through any health insurance, leading to a high out-of-pocket expenditure or OoPE on healthcare.

• Published On Nov 5, 2024 at 05:13 PM IST

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