Mumbai, 9th November 2022: Mumbai-headquartered QubeHealth, a ‘Fin-Tech for Health-Tech’ early-stage company, has raised an undisclosed Pre-Series-A round led by the US-based New Horizon Ventures, ThinKuvate (Singapore) and existing investor, Keiretsu Forum.
Axiomatic Ventures, Inflection Point Ventures, an existing investor, and other angel investors from India and the US, also participated in the round, which the company states giving them a runway of over twenty months. The funds raised will be used to scale up the business and to invest further in building the ‘healthcare commerce’ technical infrastructure and expanding its healthcare marketplace.
QubeHealth is focused on solving the healthcare financing problem for healthcare expenditure that is not covered by health insurance. It offers No-Cost EMI Healthcare Finance to employees of Corporates that subscribe to its service. By March 2023, it projects over 100,000 subscribers, and a healthcare credit of INR 1000 Crore made available to these subscribers.
Speaking on the funding, Chris George, Co-Founder & CEO, QubeHealth said, “We’re on a mission to change the way we Indians will pay for our healthcare, and providing no-cost healthcare credit is just the start. By 2025, we will deploy over a billion dollars in healthcare financing to employed Indians, putting the power back into their hands, when it comes to accessing healthcare for their family.” He further added, “This funding round sets us up to deliver on the business metrics we have been chasing and beyond. The inbound interest we have seen from marquee institutional investors since early this year has been overwhelming, and we’re excited to close our Series-A within the next six months.”
Commenting on the partnership, Subbu Meiyappan, (Principal), New Horizon Ventures said, “Healthcare financing that tackles out-of-pocket medical expenses is an area that is grabbing attention globally. From mature markets like the US to developing nations in Africa, it is a known fact that health insurance is never enough and people routinely borrow to pay for care. QubeHealth is solving a massive problem for the Indian market, providing credit-on-tap to employed Indians, in a manner that does NOT put them into a debt trap.”
Ritesh Toshniwal, (Managing Partner), ThinKuvate added, “Indians are spending over $70 Billion a year, paying for healthcare expenses that are not paid for by their health insurance. From dental to maternity and more. Elective procedures are leading this fast-growing piece of the healthcare services industry in India and QubeHealth is going to take a slice of that.”
Denny Kurien (President & CEO), Keiretsu Forum NCR & Bengaluru further added, “We had supported QubeHealth’s vision in its seed round of funding and have been very pleased with the pace of business growth and the exponential increase in shareholder value. QubeHealth is now at an inflection point in its growth story and we’re excited to double down.”
The Pre-Series- A funding comes at a pivotal time as the embedded finance sector is estimated to grow more than tenfold from approximately $22.5 billion in 2020 to around $230 billion by 2025. At present, QubeHealth has formed strategic partnerships with over 600 brands of health service providers and over 11,000 hospitals, and clinics across the country.
QubeHealth uses Fin-Tech (“financial technology”) to solve a Health-Tech (“healthcare technology”) problem – specifically providing access to no-cost funds to pay for any health or medical expense not covered through any health insurance.
By aggregating healthcare service providers across India, lenders, and employed Indians, QubeHealth’s platform has created a low-friction platform that is providing better access and options to Indians looking to spend on healthcare, healthcare providers looking for patients, and lenders looking for quality customers borrowing to pay medical reasons.
As healthcare expenses rapidly rise, and access to health insurance continues to remain expensive, India needs to urgently solve the healthcare-financing problem to solve the healthcare-access problem. QubeHealth is focused on taking a slice of this market.