New Delhi, June 12 -- QubeHealth-Pay, backed by Unicorn India Ventures and CanBank Ventures, is on track to break even soon.
QB Health Technologies, which operates under the QubeHealth-Pay brand, partners with various enterprises to facilitate healthcare payments for employees. The Mumbai-based company's valuation jumped 2.5x following its latest Series A funding round, according to a senior company official.
"We focussed on paring down costs, maintaining fixed costs, and optimizing customer acquisition. We were close to break-even last year and will cross that number at the end of FY27," Chris George, co-founder and group CEO, told VCCircle.
He added that while margins for payments companies are typically low, QubeHealth-Pay has increased its average revenue per user through multiple revenue streams, including subscription income, commissions from healthcare providers, and lending income.
QubeHealth did not disclose its net profit or revenue figures. However, the company said it processed Rs 100 crore ($10.5 million) worth of healthcare payments in FY26 and is on track to cross Rs 240 crore in FY27.
Earlier this week, the company announced that it closed its Series A funding round, backed by a clutch of deep-tech, fintech, and impact-focussed family office funds. Unicorn India Ventures, IA Growth Opportunities Fund, Brew Opportunities Fund, Finvolve Ventures, FirstPort Capital, Maithan Family Office, and others participated in the round.
While the company did not disclose the amount raised, VCCircle reported last year that QubeHealth intended to raise Rs 87-120 crore (around $9.9-13.6 million then). In 2024, the company raised an undisclosed amount of funding in a pre-Series A round from Unicorn India Ventures and Canara Bank's VC arm CanBank Ventures.
Following the latest round, QubeHealth's valuation jumped to Rs 416 crore from Rs 162 crore earlier, according to George. The company's other backers include Dabur India chairman Mohit Burman.
Background, strategy
Founded by George and Gagan Kapur in 2019, the QubeHealth-Pay platform allows users to pay medical bills at any hospital, clinic, pharmacy, or doctors' office using multiple funding sources. The app offers instant cashback on every payment and provides access to medical financing for bills not covered by insurance. Users can access a pre-approved credit line of up to Rs 10 lakh at zero interest.
The company has partnered with over 15,000 hospitals, clinics, and specialty providers spanning diagnostics, dental, eye, skin, and mental health services, among others. Non-bank lenders like Arogya Finance and Volt Money offer loans through QubeHealth's platform.
QubeHealth said it will utilize the latest funding to invest in deep tech and artificial intelligence capabilities and build an institutional payment rail for healthcare. The company is also looking to expand into the Middle East, North Africa, and Gulf countries.
"We intend to expand overseas later this year or early next year. So far, our product application has been B2B2C, available only through enterprises. We will also open up access to the retail segment next year," he said.
Apart from this, the company is on the lookout for acquisition targets. Specifically, it is assessing healthcare lending companies and fintech firms that focus on deep-tech or artificial intelligence. These deals may be completed in the next 18 months.
"We have not appointed bankers. But we have a fairly active investor network through which these deals come about," George said.
Published by HT Digital Content Services with permission from VC Circle.