Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures. Participation from Founders Fund, 8VC, and Lachy Groom, among others, has brought the startup’s total funding to $50 million.
This comes on the heels of a $20-million round raised in August.
Fresh capital raised will be used to launch hospital operations and scale patient care and recourse processes.
Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo founded the Bengaluru-based startup in 2020. Even Healthcare offers an annual membership plan of Rs 4,800 and the option to add health insurance for hospital coverage.
The paid users get unlimited free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, a growing network of owned and partner clinics, and insurance partners. “Unlike India’s traditional fee-for-service healthcare model, which often results in delayed treatment and financial hurdles for patients, Even’s model aligns health outcomes with profitability,” the startup said,
Even Healthcare has a team of 300 employees—a 50% increase over the past year—Even Healthcare has grown its membership base to hundreds of thousands, generating $28 million in revenue just 1.5 years after its commercial launch.
Even plans to open three secondary-care-focused hospitals in Bengaluru. This move will enable the company to offer a vertically integrated “payvider” (payer + provider) model, a first in India, aimed at reducing hospitalization risks through early risk profiling and managed care.
Matilde Giglio, Co-founder of Even Healthcare said, “Our health plans have grown aggressively in both B2B and B2C segments, with a 95% customer retention rate. This positions us to deliver strong results in the years ahead.”
“To sustain this momentum, we will continue to invest in our delivery systems, technology, and customer-friendly products. Expanding our hospital, clinic, and diagnostic networks while strengthening our team of doctors will enable us to reduce medical costs, enhance patient experience, and increase the overall value our members receive from the health system,” added Ale Ialongo, Co-founder of Even Healthcare,
Vinod Khosla, founder of Khosla Ventures, and an early investor in HealthifyMe, Doordash said, “Modernised healthcare is essential to any country. Even is bringing high-quality, affordable care to one of the world’s largest populations, and we’re excited to partner with them as they boldly reimagine healthcare for India.”
The startup is also planning on leveraging technology to scale its solutions is reflected in its latest initiative—the launch of an AI-powered health assistant, "Even Steven."
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