Even Healthcare Raises Funding From Alpha Wave, Aspada

• ByStartupStory     |    November 11, 2022

Even Healthcare Pvt Ltd. has raised $15 million (about Rs 123 crore) from Alpha Wave and Aspada (Lightrock).

The new investors will join current investors Khosla Ventures, Founders Fund, Lachy Groom, Nikesh Arora, CEO of Palo Alto Networks, Kunal Shah, CEO of Cred, and Tom Stafford, partner at DST Global.

The company hopes to increase individualized and preventive care in India with the new funding. To scale its preventive care for India’s rising comorbidities like diabetes, PCOS, and obesity, among others, Even is seeking to strengthen its clinical team of highly experienced doctors.

Founded by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, it was launched to simplify healthcare in India, which poses special challenges like lower penetration of health insurance and fee-for-service care that places an unjustifiably high financial burden on people.

“From the time a member joins and throughout their journey, our doctors gather crucial data about their health and recommend methods to reduce risks. Diabetes, high cholesterol, high blood pressure, and obesity are comorbidities that are quite prevalent in India but frequently go uncontrolled because people are reluctant to see a doctor and don’t get health checks unless there are symptoms. For additional context regarding how crucial this is, 50% of users discovered they had diabetes for the first time during our onboarding health check-up, according to Matilde Giglio, Co-founder, Even.

India’s fee-for-service healthcare system effectively forces patients to visit the doctor only when an ailment reaches a critical stage, according to a statement. In other instances, hospitals urge patients to check themselves in for 24 hours in order to qualify for insurance payouts, which may or may not occur. At every stage of care, there is a great deal of mistrust since patients, hospitals, and insurers operate in silos with disparate and misaligned incentives.

According to the business, Even is developing primary care programmes employing internationally acclaimed methods to enhance clinical outcomes. Even the costs of the outpatient and inpatient departments are decreased as a result. Then, insurers are more eager to provide coverage for a cohort whose health is effectively managed.

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