Healthcare payments firm QubeHealth has topped up its pre-Series-A round with investments led by Inflection Point Ventures, Green Ivy Ventures and other Family Investment offices. Keiretsu Forum and other existing backers of the company also participated in the round.
While the company did not disclose the amount, the fresh funds has come at a valaution of Rs 200 crore, according to the company’s spokesperson. The first tranche of pre Series A round came in November last year.
QubeHealth offers a payments system and healthcare credit line to employees of companies that sign up to its credit product. It allows users to borrow and pay as they need from a pre-assigned credit limit. The credit line is free to the employee, but the employer needs to pay a small subscription fee, on behalf of the employee.
The startup claimed that it has already activated Rs 1,000 crore of medical credit to over 2 lakh employees of 270 corporations in India. In the next three years, the company expects to deploy Rs 3000 crore in medical credit, enabling quick payments via its mobile app to any hospital or clinic in the country.
Mumbai-based QubeHealth has partnered with over 270 of India’s largest employers, over 600 brands of health service providers, and over 11,000 hospitals, clinics, and doctors. It targets to disburse Rs 300 crore of medical loans by FY24.