Healthcare focused fintech startup QubeHealth has secured an undisclosed amount of funding in its pre-Series-A round from Inflection Point Ventures, Green Ivy Ventures and other family investment offices.
Keiretsu Forum and other existing shareholders also participated in the round.
The startup said that the fresh funds will give it a runway of up to two years and enable it to prepare for the upcoming Series A round.
Founded in 2019 by Chris George and Gagan Kapur, Mumbai-based QubeHealth is a B2B startup which offers a payments system and healthcare credit line to employees who have a group health insurance policy provided by their employers.
QubeHealth offers a platform with a pre-assigned credit limit from where users can borrow and pay the medical bills which are either not covered or partially covered by the health insurance provided by the employers. The amount, the preferred healthcare provider and a payback period of up to one year are chosen by the user which are free for the employees. QubeHealth earns revenue by charging a subscription fee to the employers.
The startup claims to have disbursed INR 1,000 Cr medical credit to over 2 Lakh employees across 270 companies in India so far. In the next three years, QubeHealth aims to hike the disbursed amount to INR 3,000 Cr by enabling quick payments via its mobile app to any hospital or clinic in the country. The startup plans to do so through insurance payments, reimbursements, and offering no-cost EMI.
Earlier, QubeHealth raised funding from US-based New Horizon Ventures, ThinKuvate and Keiretsu Forum, among others, in its pre-Series A round in November last year. The startup was also featured in Inc42’s ‘30 Startups To Watch’ list last year.
While the insurance penetration in India is low, a number of patients also have to pay from their pockets for their medical expenses due to the difficulties in claiming insurance. A number of startups are now trying to solve this problem in the country.
Last year, healthcare BNPL platform SaveIN also raised over $7 Mn in its seed funding round. Inc42