Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom. This funding raises the company’s total capital to $50 million. The latest infusion will expand its hospital operations and scale patient care services.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare is revolutionizing healthcare access by providing free consultations, diagnostic tests, and cashless hospitalizations to its members through its own clinical team and insurance partners. It only collaborates with hospitals that ensure consistent care to its members in exchange for recurring payments.
The platform also offers personalized care programs and the Even card, which members can use to pay for services at partner hospitals and labs. It even differentiates itself from traditional medical insurance by offering unlimited outpatient consultations and diagnostic services, providing more holistic and continuous care.
Since its commercial launch, Even Healthcare has expanded its workforce to 300 employees and grown its membership base significantly, generating $28 million in revenue within 18 months. The company plans to open three hospitals in Bengaluru, focusing on secondary care to reduce hospitalization risks through early risk profiling and managed care.
As India’s healthcare market, valued at $372 billion in 2022, continues to grow at a 22% CAGR, Even Healthcare’s managed care approach aims to address the gaps in private insurance coverage, which still only reaches a small portion of the population.
