Axiomatic Ventures, Inflection Point Ventures, an existing investor, and other angel investors from India and the US, also participated in the round, that 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, the Mumbai-based company is focused on solving the healthcare financing problem for healthcare expenditure that is not covered by health insurance.
The company offers credit to employees of corporations that subscribe to its service. By March 2023, QubeHealth projects over 100,000 subscribers and a healthcare credit of Rs 1000 crore made available to its subscribers.
“We’re on a mission to change the way we Indians will pay for 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,” said Chris George, co-founder & CEO of QubeHealth
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“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,” George said.
“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,” said Subbu Meiyappan, principal, New Horizon Ventures.
QubeHealth said it has formed strategic partnerships with over 600 brands of health service providers and over 11,000 hospitals, clinics across the country.
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