Even Healthcare bets big on hospital expansion, targets 25 facilities in 36 months

Even Healthcare co-founder and COO Matilde Giglio.

Even Healthcare, a managed care startup, is making a foray into brick-and-mortar hospitals, marking a shift from digital-first care to full-stack healthcare delivery. It aims to open 25 hospitals over the next 36 months, Even Healthcare co-founder and COO Matilde Giglio has told Moneycontrol.

The decision follows a $30-million Series-A funding round in October led by global investors, including Khosla Ventures.

“We’re building the first hospital now, which will be inaugurated on July 15 in Bangalore,” Giglio said. “It’s the first of many. The majority of the capital we raised will go into building hospitals from scratch.”

Giglio said the hospitals would not offer tertiary services such as oncology or cardiac care, allowing for a leaner capex model with an average investment of $3.5 million a hospital.

The first facility, located on Bengaluru’s Race Course Road, will house 60–65 beds and focus on secondary- care procedures such as maternity, orthopaedics, and minor surgeries.

Founded in 2020 by Giglio, Mayank Banerjee, and Alessandro Ialongo, Even Healthcare model blends insurance, outpatient care, diagnostics, and now hospitalisation, under a single membership.

The company already operates six clinics in Bengaluru and its membership includes unlimited consultations, diagnostics and inpatient coverage through insurance partners.

It follows the model of Kaiser Permanente, a non-profit private healthcare organisation in the US, under which it owns and manages the entire value chain — from medical coverage to hospitals to pharmacies.

Kaiser follows managed care model, where the focus is on making a person healthier through preventive consultations, screenings, nutrition and specialist support.  A healthier person need lesser hospitalisation where the much of the healthcare costs are incurred.

“We want to own the entire healthcare journey,” Giglio said. “Our doctors are salaried and incentivized based on clinical outcomes — not procedure volume. That’s a first in India.”

The company’s approach aims to disrupt traditional fee-for-service models, which Giglio argues incentivises “overtreatment”. Instead, Even’s hospitals will prioritise patient outcomes and affordability, with pricing designed to be competitive for India’s middle class.

Funding growth

Even has raised more than $50 million since inception, with the latest $30 million round earmarked for hospital expansion.

The company plans to fund growth through a mix of venture capital and debt, once initial hospitals demonstrate operational success.

“We’re not rushing to raise more capital,” Giglio said. “We have a lot of money in the bank but we’re always open to the right partner.”

The company’s revenue model is anchored in membership sales, which Giglio said accounts for the majority of income.

Even closed FY24 with $30 million in revenue, and serves nearly 300,000 members, primarily in urban centres.

Scale up

Even plans to expand into Mumbai, Delhi, Hyderabad, and Pune, with scouting already underway in several cities. Giglio acknowledged the operational challenges of scaling healthcare infrastructure but stressed the importance of standardisation and tech-driven processes.

“We’re obsessed with customer experience,” she said. “Every touchpoint is tracked. Our clinics became profitable within four to six months.”

The company’s phased rollout will begin with three hospitals in Bengaluru, followed by additional facilities in other cities. Giglio said the team includes seasoned healthcare executives from Columbia Asia and Narayana Health, ensuring clinical and operational rigour.