Qube Health Raises Pre-Series A Funding Led By Inflection Point Ventures
The platform intends to use the investment to enhance its tech stack for its users while adding more people to manage, more than 300 large corporate clients it aims to manage over the next year
Mumbai-headquartered Qube Health announced on Tuesday to have raised an undisclosed amount in a pre-Series A round led by Inflection Point Ventures (IPV). The other investors in this round are Mohit Burman (Dabur Group), Keiretsu Forum (NCR, Bengaluru and Chennai Chapters), and a group of another marquee Indian and International HNI investors namely Alan Gertner, founding member of Google's first Global Business Strategy team and Akshay Saxena, a Ashoka Fellow and President of Avanti.
The healthtech company is focused on the ‘Employee Healthcare Management’ vertical. Qube Health provides primary care, health screening, and other 'non-insurance healthcare services' to large companies across six different industries including, financial services, food services, facility management, and manufacturing.
Over the past three years, the company has been said to have grown rapidly and is set to disrupt the employee health and benefits industry in India, by using advanced data science, the largest aggregation of healthcare service providers in India and a mission to simplify Indian healthcare for the employed Indian.
“Qube Health has created an AI-driven healthtech platform where they have already aggregated more than 11,000 hospitals and clinics for easy access for professionals who are covered under a variety of mediclaim and healthcare benefits provided by the companies. The data insights can help companies and individuals understand their organization, the employee and their family’s health better, to plan better health outcomes for everyone. Qube Health AI engine is making it simpler for companies and their employees to understand all their healthcare options – insurance-paid or self-paid, while saving costs, and remaining compliant on regulatory issues. The Company aims to have one million individuals on its healthtech platform by 2022 and we believe in their model to help them achieve their ambition,” said Mitesh Shah, co-founder, IPV.
Qube Health operates over across 700 locations (From Mumbai and New Delhi to Midnapur and Zaheerabad) in India and it intends to use this investment to further enhance its tech stack for its users – Enterprise HR Teams and their Employees, while also adding more people to manage more than 300 large corporate clients it aims to manage over the next year.
“It is a privilege to have such experienced and established investors believe in our vision of simplifying healthcare for all Indians. The majority of the healthcare expenditure in India is non-insurance paid. This is very unlike other countries, and while the health insurance industry in India is growing, the out-of-pocket healthcare industry is growing even faster. Our mission is to make life easier for the employed Indians who pay for their healthcare from their pockets and the HR Teams at the companies they work for. We were particularly excited about the network of individual investors that are now part of our story, as a result of this fundraise. They bring industry access and mentorship as we navigate the complex nature of the Indian healthcare system,” shared Chris George, co-founder, and chief executive officer, Qube Health.
Qube Health focuses on the $45 billion 'out-of-pocket healthcare space within the Indian healthcare industry, with over 11,000 hospitals, clinics, and diagnostic centres as partners across India.
The company partners with insuretech, insurance companies, insurance brokers, e-pharmacy chains and others within the ecosystem to provide a 'discovery to delivery' solution for the employed Indians.