India-based health-tech startup Qure.AI is setting its sights on profitability in the next financial year and preparing for an initial public offering (IPO) within the next two to two-and-a-half years, according to CEO Prashant Warier. Founded in 2016, Qure.AI specializes in artificial intelligence-powered diagnostic solutions, particularly for early detection of tuberculosis, lung cancer, and stroke risk.
The company has raised $125 million to date, backed by investors such as Fractal Analytics, Peak XV Partners, and Novo Holdings—the investment arm of pharmaceutical giant Novo Nordisk. As of November 2024, Qure.AI was valued at $264 million, according to Tracxn, though Warier declined to comment on current valuations.
“We aim to break even and become profitable next year. Once that milestone is achieved, we can start actively planning for an IPO,” Warier said.
Qure.AI’s AI tools are used by global healthcare leaders, including AstraZeneca, Medtronic, and Johnson & Johnson MedTech. The company currently reaches approximately 15 million patients annually and is experiencing rapid growth, with annual revenue increasing by 60–70%. Warier expects this pace to accelerate further over the next five years.
The global AI healthcare market, currently valued at $14.92 billion, is projected to reach $110 billion by 2030. This rapid expansion is driven by the need for early disease detection and efficient workflows for overwhelmed medical professionals.
Qure.AI derives about 25% of its revenue from the U.S.—its largest market—and is pursuing new partnerships there to fuel further growth. It is also expanding its footprint in Latin America and Africa, focusing on low- and middle-income countries. India, however, remains a smaller contributor, accounting for less than 5% of its revenue.