QubeHealth raises Pre Series A from Unicorn India Ventures and CanBank VC

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; before its Series-A round later this financial year. Qube is looking to raise about $9 million in its 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.

Qube 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. Qube is on track to process over Rs 100 crore of healthcare payments by the end of this financial year.

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 aiding the wave of friction-free healthcare payments.