Funding Alert Healthcare

Indian healthcare startup Even raises $20m to expand hospitals

• ByStartupStory     |    January 13, 2026

Even Healthcare, a Hyderabad-based startup transforming primary and secondary care delivery, has raised $20 million in fresh funding to rapidly expand its network of tech-enabled hospitals and clinics across Tier-2/3 India.

The round was led by HealthQuad with participation from existing investors including Steadview Capital and InnoVen Capital, bringing Even’s total capital raised to over $40 million. The funds will bankroll 15-20 new facilities over the next 24 months, targeting underserved markets where quality care remains inaccessible despite rising insurance penetration.

Hybrid Hospitals for Next-Gen India

Founded in 2021 by ex-Practo executives Krishnan Ganesh and Rahul Jain, Even operates “hospital-lite” facilities that blend OPD clinics, day-care procedures, diagnostics, and teleconsultations under one roof. Each 10,000 sq ft center staffs 20+ specialists across cardiology, diabetology, gynecology, and orthopedics – delivering 70% outcomes at 40% lower costs than metro hospitals.

The model targets the 300 million-strong “missing middle” – salaried families earning ₹5-20 lakh annually who need quality care but avoid Tier-1 travel. Even’s value proposition: same-day appointments, zero waitlists, paperless billing via UPI/Aadhaar, and bundled pricing (e.g., ₹25,000 full knee replacement package).

Current footprint spans Hyderabad, Vijayawada, and Coimbatore with 2.5 lakh+ patient visits and 85%+ doctor retention. Tech stack powers AI triage, dynamic pricing, and outcomes tracking, feeding a central playbook for rapid replication.

Capital Deployment: Scale + Specialization

Even will deploy the $20 million across aggressive expansion and clinical depth:

Network Growth: 10 new centers in Andhra Pradesh/Tamil Nadu by 2026 end, followed by Odisha, MP, and Rajasthan. Each greenfield site breaks even within 18 months at 60% capacity.

Specialty Verticalization: Mother-child hubs (high-margin IVF, pediatric surgery) and chronic care suites (dialysis, oncology day-care) to boost ARPU from ₹800/visit to ₹2,000+.

Tech + Supply Chain: In-house pharmacy aggregation (30% margins) and remote monitoring for 50,000+ chronic patients, creating sticky revenue beyond OPD.

HealthQuad Partner Puneet Singh highlighted Even’s unit economics: “₹1 crore capex yields ₹3 crore revenue at 25% EBITDA within 24 months – rare in hospital startups.”

Riding India’s Healthcare Inflection

Even times three structural shifts:

• Ayushman Expansion: PM-JAY now covers 500 million; Even participates as empanelled provider for secondary care.

• Tier-2 Boom: Urbanisation drives 20% CAGR healthcare spend; doctors migrate from metros seeking lifestyle arbitrage.

• Insurtech Surge: 300 million live policies create pull for planned care; Even settles 80% claims at source.

Peers like Pharmeasy Clinics struggle with pharmacy-first models; Even owns the full funnel from discovery to discharge. Early PE partnerships with Reliance Health and Manipal signal B2B scale potential.

Exit Ramp to IPO Horizon

With fresh runway, Even targets 50 centers and ₹500 crore revenue by FY28, positioning for Series C at $200M+ valuation. Long-term, consolidation of fragmented Tier-2 hospital assets offers 5x return math for investors.

As India grapples with 1.4 billion healthcare needs, Even Healthcare proves startups can deliver clinical excellence at population scale – one neighbourhood hospital at a time.

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