Qure.AI, a Mumbai-based startup using AI to improve medical diagnostics, is preparing for an IPO within two years. The company, which began in 2016, currently serves over 15 million patients a year, according to CEO Prashant Warier. It helps detect diseases such as tuberculosis and lung cancer early. Backed by investors including Fractal Analytics and Novo Holdings, the company has raised $125 million to date. Warier says Qure.AI aims to become profitable by next financial year. If it succeeds, public listing plans will follow shortly after. The move comes amid surging global demand for AI diagnostics, with the market expected to hit $110 billion by 2030.
Using AI to Diagnose Patients Faster and More Accurately
Qure.AI’s core tools assist radiologists in spotting signs of disease faster, particularly in emergencies and high-volume clinics. Its software can flag abnormalities in X-rays and CT scans within seconds. These tools are already in use by global health firms such as AstraZeneca and Medtronic. In India, Johnson and Johnson MedTech is one of its major clients.
CEO Warier says the goal is to reduce diagnostic delays and catch conditions like stroke or lung cancer early. “We’re not replacing doctors,” he noted, “we’re helping them focus on the most urgent cases.” The company’s technology is also used to screen for tuberculosis, a disease that still kills over a million people each year.
Strong Growth in AI Diagnostics, but Challenges Remain in Key Markets
Qure.AI has been growing its revenue by 60%–70% annually, with the United States as its largest market. About 25% of total revenue now comes from U.S. clients. Despite being based in India, the company earns less than 5% of its revenue domestically. The firm wants to expand in Latin America and Africa, where affordable diagnostic tools are badly needed. Warier says the startup is forming more partnerships in high-income and low-income regions. But some challenges persist.
Medical AI tools face tight regulations in many countries. Convincing hospitals to trust machine-led diagnostics still takes time. Qure.AI must also compete with global players in a fast-growing market. It was last valued at $264 million in late 2024, according to Tracxn. Warier declined to comment on the current valuation but says momentum is building.
Can AI-Powered Health Tools Close Global Care Gaps?
Qure.AI’s story reflects a growing push to make diagnostics faster and more accessible worldwide. With millions still lacking access to radiologists, AI may offer a lifeline. But questions remain about accuracy, transparency, and cost.
As machine-led analysis plays a bigger role in clinical decisions, experts stress the need for strong oversight and clear safety rules. Still, such tools are gaining traction across both developed and emerging nations. Qure.AI’s expansion plans and IPO ambitions show the scale of the opportunity. If growth holds, the company may play a key role in reshaping global AI diagnostics.
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