Khosla Ventures Leads Even’s $5M Seed To Give India The Best Healthcare Insurance
- ByAyushi Ray | July 23, 2021
Khosla Ventures leads Even’s $5M seed to India the beat healthcare insurance. This Bangalore based company was founded by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo. They received fresh cash infusion of $5 million in seed funding in a round led by Khosla Ventures, with participation from Founders Fund, Lachy Groom and a group of individuals including Palo Alto Networks CEO Nikesh Arora, CRED CEO Kunal Shah, Zerodha founder Nithin Kamath and DST Global partner Tom Stafford.
Even, a healthcare membership company, aims to cover what most insurance companies in the country don’t, including making going to a primary care doctor as easy and accessible as it is in other countries. Banerjee grew up in India and said the country is similar to the United States in that it has government-run and private hospitals. Where the two differ is that private health insurance is a relatively new concept for India, he told TechCrunch.
According to Banerjee’s estimate, less than 5% of people have it, and even though people are paying for the insurance, it mainly covers accidents and emergencies. This means that routine primary care consultations, testings and scans outside of that are not covered. And, the policies are so confusing that many people don’t realize they are not covered until it is too late. That has led to people asking doctors to admit them into the hospital so their bills will be covered, Ialongo added. Banerjee and Giglio were running another startup together when they began to see how complicated health insurance policies were. About 50 million Indians fall below the poverty line each year, and many become unable to pay their healthcare bills, Banerjee said. They have also began researching the insurance industry and talking with hospital executives about claims.
Follow Startup Story
Related Posts
