Even Healthcare Raises $30 Million in Series A Funding, Expands Hospital Operations in Bengaluru

• ByStartupStory     |    October 23, 2024

Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with additional support from Founders Fund, 8VC, and Lachy Groom. This new funding brings Even’s total capital raised to $50 million, following prior investments of $15 million from Alpha Wave and Aspada in November 2022 and $5 million in seed funding led by Khosla Ventures in 2021.

The infusion of capital will allow Even Healthcare to launch its hospital operations and scale its patient care services, advancing its mission to offer integrated and seamless healthcare. Even’s “payvider” model—a combination of payer and provider services—aims to improve patient outcomes through early risk profiling and managed care. This model is the first of its kind in India, positioning the company as an innovator in the healthcare sector.

Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare provides its members with a unique healthcare offering that includes free consultations, diagnostic tests, and cashless hospitalisation, leveraging partnerships with hospitals and insurance providers. Unlike traditional insurance models, Even offers unlimited outpatient department (OPD) consultations and diagnostic services, making healthcare more accessible and affordable.

With the latest round of funding, Even Healthcare plans to open three secondary care-focused hospitals in Bengaluru. These new facilities will help reduce hospitalisation risks by providing early risk profiling and managed care, allowing Even to extend its successful outpatient care model into hospital settings.

Even Healthcare’s unique approach has resonated with the market, helping the company grow its membership base to hundreds of thousands within 18 months of its commercial launch. The company has generated $28 million (over INR 230 crore) in revenue during this period and currently employs 300 staff.

Matilde Giglio, co-founder of Even Healthcare, expressed excitement about the company’s growth across both B2B and B2C segments, noting a 95% customer retention rate. “Our health plans have grown aggressively, and we are well-positioned to deliver strong results in the years ahead,” she said. Fellow co-founder Ale Ialongo added, “We will continue to invest in delivery systems, technology, and customer-friendly products to reduce medical costs and improve patient experience.”

Speaking on the investment, Vinod Khosla, founder of Khosla Ventures, 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.”

Even Healthcare is also advancing its use of technology with the introduction of an AI-powered health assistant, named “Even Steven”. This tool is designed to improve patient access to verified medical information through WhatsApp, furthering the company’s focus on leveraging technology to scale healthcare solutions.

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