Even Healthcare Raises USD 30 Mn in Series A Funding, Expands Hospital Operations in Bengaluru The fresh capital infusion will enable Even Healthcare to launch hospital operations and scale its patient care and resource processes, advancing its mission to offer seamless, integrated healthcare services.
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Managed care provider Even Healthcare has secured USD 30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom. This new round brings the company's total funding to USD 50 million, following previous investments of USD 15 million from Alpha Wave and Aspada in November 2022 and an initial USD 5 million in seed capital led by Khosla Ventures in 2021.
The fresh capital infusion will enable Even Healthcare to launch hospital operations and scale its patient care and resource processes, advancing its mission to offer seamless, integrated healthcare services. The company's unique "payvider" (payer + provider) model, the first of its kind in India, is designed to improve patient outcomes through early risk profiling and managed care.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare provides its members with free consultations, diagnostic tests, and cashless hospitalisation, leveraging partnerships with hospitals and insurance providers. Unlike traditional medical insurance, Even offers unlimited outpatient department (OPD) consultations and diagnostic services, making healthcare more accessible and affordable.
With its new funding, Even Healthcare plans to open three secondary care-focused hospitals in Bengaluru. These facilities will help the company reduce hospitalisation risks by offering early risk profiling and managed care, allowing Even to bring its successful outpatient care model into hospital settings.
Even Healthcare's innovative approach to managed care has gained significant traction, with the company growing its membership base to hundreds of thousands in just 18 months after its commercial launch. The company has also generated USD 28 million (over INR 230 crore) in revenue during this period, employing a workforce of 300 employees.
Co-founder Matilde Giglio highlighted the company's success in both B2B and B2C segments, with 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. 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."
Vinod Khosla, founder of Khosla Ventures, commented, "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's holistic model addresses a critical gap in India's healthcare system, which struggles with one of the highest medical inflation rates in Asia. The company's latest initiative includes the launch of an AI-powered health assistant, "Even Steven", designed to improve patient access to verified medical information through WhatsApp, further underscoring its focus on leveraging technology to scale solutions.
