The funding round saw participation from Unicorn India Ventures, IA Growth Opportunities Fund, Brew Opportunities Fund, Finvolve Ventures, FirstPort Capital, Maithan Family Office, and others.
QubeHealth-Pay, the healthcare payments processing company, has closed its Series A funding round at a valuation of INR 416 crore, backed by deep-tech, fintech, and impact-focused family office funds.
The funding round saw participation from Unicorn India Ventures, IA Growth Opportunities Fund, Brew Opportunities Fund, Finvolve Ventures, FirstPort Capital, Maithan Family Office, and others.
When QubeHealth-Pay last announced its funding plans in late 2024, it had indicated it would raise its Series A at a valuation of around Rs. 270 crore. The company said investor demand for vertical fintech in Indian healthcare contributed to the round closing at a significantly higher valuation.
QubeHealth-Pay operates as a vertical fintech platform focused on healthcare. Through its app, users can pay healthcare bills at hospitals, clinics, doctors, diagnostic centres, and pharmacies across India without network restrictions. The platform also offers cash-backs, access to medical finance for expenses not covered by insurance, employer health benefits funds, mutual fund savings, and government direct benefit funds.
According to the company, active users open the Qube app 9.3 times a month to pay for family healthcare and medical bills. The company said its most engaged households transact around Rs. 9,000 a month across approximately three family members.
More than 200,000 families have signed up for the platform, while over 700,000 Indians use its services. QubeHealth-Pay processed Rs. 100 crore of healthcare payments in FY2025-26 and said it is on a run-rate to cross Rs. 240 crore in FY2026-27. The company is targeting more than $1 billion by FY2029-30.
The company also said that over 15,000 hospitals, clinics, and specialty providers, including diagnostics, dental, eye, skin, and mental health providers, have special partnerships with the platform.
“For the past few years, the smartest money in fintech chased travel, payroll, and SME finance and missed the one bill every Indian family pays, fears, and cannot avoid: the healthcare bill. This funding round is proof that investors now see that the next great fintech companies won’t be generalists; they’ll be vertical specialists, and the most significant vertical of all is healthcare. We’ve proven that category in India, and we intend to build it for the world,” said Chris George, Co-Founder & Group CEO, QubeHealth-Pay.
“We backed Qube before this was a recognised category, and everything we’ve seen since has only deepened our conviction. The team has turned a sharp insight about out-of-pocket healthcare into genuine product-market fit and relentless growth. Doubling down at this stage was an easy decision,” said Bhaskar Majumdar, Managing Partner, Unicorn India Ventures.
“Health insurance in India has focused mainly on hospitalisation (inpatient); however, the majority of a family’s expenses are for consultations, diagnostics, pharmacy, dental, and everyday medical expenses. These expenses are, in the majority of cases, outside insurance coverage and directly affect the families. That gap has been the industry’s unsolved problem for decades,” said Sam Ghosh, former MD, Bharti Financial Services and former Group CEO, Reliance Capital Ltd.
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