Healthcare financing that tackles out-of-pocket medical expenses is an area that is grabbing attention globally. From mature markets like the US to developing nations in Africa, it is a known fact that health insurance is never enough and people routinely borrow to pay for care. “Indians are spending over $70 billion a year, paying for healthcare expenses that are not paid for by their health insurance. From dental, to maternity and more,” says Ritesh Toshniwal, managing partner at Singapore-based early-stage investment firm, ThinKuvate.
Mumbai headquartered QubeHealth is focused on solving the financing problem for healthcare expenditure that is not covered by health insurance. It offers no-cost EMI healthcare finance to employees of corporations that subscribe to its service. By March 2023, it projects over 100,000 subscribers and a healthcare credit of `1,000 crore made available to these subscribers.
“We’re on a mission to change the way we Indians will pay for our healthcare and providing no-cost healthcare credit is just the start,” says Chris George, co-founder & CEO, QubeHealth. “By 2025, we will deploy over a billion dollars in healthcare financing to employed Indians, putting the power back into their hands, when it comes to accessing healthcare for their family.”
Recently, QubeHealth raised an undisclosed Pre-Series-A funding from investors led by the US-based New Horizon Ventures, ThinKuvate (Singapore) and existing investor, Keiretsu Forum. Axiomatic Ventures, Inflection Point Ventures, an existing investor, and other angel investors from India and the US, also participated in the round. The funds will be used to scale up the business and to invest further in building the ‘healthcare commerce’ technical infrastructure and expanding its healthcare marketplace.
At present, QubeHealth has formed strategic partnerships with over 600 brands of health service providers and over 11,000 hospitals /clinics across the country. “By aggregating healthcare service providers across India, lenders and employed Indians, QubeHealth’s platform has created a low-friction platform that is providing better access and options to Indians looking to spend on healthcare, healthcare providers looking for patients and lenders looking for quality customers borrowing to pay medical expenses,” claims George.
Put simply, QubeHealth is providing credit-on-tap to employed Indians in a manner that does not push them into a debt trap.