Mumbai-based healthcare payments startup QubeHealth has received a funding boost from Unicorn India Ventures and CanBank Venture Capital Fund. The investment comes from Unicorn India’s “Empower India Fund” as part of QubeHealth’s pre-Series-A round. Although the exact amount hasn’t been disclosed, the funds will help QubeHealth expand its offerings and reach more users.
About QubeHealth
QubeHealth offers an app, QubeHealth-Pay, that helps Indians manage healthcare expenses for their families. Through the app, users can make payments at hospitals, clinics, pharmacies, and doctor visits using various funding options. The startup also provides cash-back on every bill and instant medical financing for expenses not covered by health insurance. Targeting employees of large corporations like Flipkart and Tata Teleservices, QubeHealth works as an add-on to employer health insurance plans, supporting over 300 companies in India.
Plans for the New Funds
With India Ventures funding, QubeHealth plans to invest in technology and roll out new features, including embedded insurance and a genAI-powered recommendation engine. The startup also aims to introduce a healthcare marketplace that will expand access to various health services. According to Chris George, Co-Founder and CEO of QubeHealth, the funds will enhance their ability to serve users better and gather insights into India’s out-of-pocket healthcare spending.
Preparing for Next Round
QubeHealth is aiming for a $9 million Series A funding round at a valuation of ₹270 crore. The company is looking forward to leveraging the expertise of its new investors as it grows and prepares for its next funding phase. The startup has experienced strong growth, mainly due to its B2B-2C model, where employees and their families frequently use the platform for healthcare expenses.
Market Growth and Future Plans
QubeHealth has reported over 400% growth this year and plans to process more than ₹100 crore in healthcare payments by the end of the financial year. The platform’s exclusive focus on working with employers to reach employees and their families has driven much of its growth.
Bhaskar Majumdar, Managing Partner at Unicorn India Ventures, highlighted the importance of integrating fintech and health payments, especially as medical expenses not covered by insurance can cause financial stress for families. Majumdar noted QubeHealth’s success in this area and praised its alignment with Unicorn’s investment goals. He believes that with the right support, QubeHealth is well-positioned to achieve significant growth.
Unicorn India Ventures, which started in 2016, focuses on investing in technology-driven startups. With a history of supporting innovative companies, Unicorn is confident in QubeHealth’s potential as a leader in healthcare payments in India.
