Mumbai, 5th November, 2024: Deep-Tech focused, early-stage venture fund, Unicorn India Ventures and CanBank Venture Capital Fund, from VI Fund “Empower India 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 says, “It is our privilege to have the support of reputed and experienced investors like CanBank VC and Unicorn India Ventures, as we change how India pays for healthcare. 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.”

QubeHealth-Pay’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.

Qube’s Users are employees and their families, of large Indian corporates like Flipkart, Tata-Teleservices and 300 other employers, who use the QubePay 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, “At UIV, we have been an active investor in fintech and health-tech startups. Qube has successfully integrated the benefits of fintech with health related payments, providing a much needed solution for doctor visits and emergencies. 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.”

Qube has been growing at over 400% this year, distributing its product exclusively through the B2B2C channel of employers, to their employees and their families. Qube 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, says, we have been an active investor and funded companies in various sectors and at various stages. Qube Health is changing how India pays for healthcare and they have successfully built a streamlined healthcare payments ecosystem, with a mission to expand access to healthcare. 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. As India rapidly moves towards digital payments through technologies like UPI, companies like QubeHealth-Pay are leading the wave of friction-free healthcare payments.