Mumbai-headquartered Qube Health has raised an undisclosed amount in a Pre-Series A round led by Inflection Point Ventures. The other investors in this round are Mohit Burman (Dabur Group), Keiretsu Forum (NCR, Bengaluru & Chennai Chapters) and a group of other 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.
Qube Health is a health-tech company, 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.
“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,” said Chris George, Co-Founder & CEO, Qube Health.
Over the past three years, the company has 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, said the company in a statement.
Mitesh Shah, Co-Founder, IPV says, “Qube Health has created an AI driven health tech 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 organisation, the employee and their family’s health better, to plan better health outcomes for everyone. The Company aims to have one million individuals on its health tech platform by 2022 and we believe in their model to help them achieve their ambition.”
Qube Health operates 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 the 300+ large corporate clients it aims to manage over the next year.
“We were particularly excited about the network of individual investors that are now part of our story, as a result of this fund raise. They bring industry access and mentorship as we navigate the complex nature of the Indian healthcare system,” added George.
Qube Health focuses on the $45 Billion ‘out-of-pocket healthcare space within the Indian healthcare industry, with 11,000-plus hospitals, clinics and diagnostic centres as partners across India. The company partners with insure-tech, insurance companies, insurance brokers, e-pharmacy chains and others within the ecosystem to provide a ‘discovery to delivery’ solution for the employed Indians.