Even Healthcare, a pioneering managed care provider, has successfully raised $30 million in a Series A funding round, led by Khosla Ventures, with contributions from Founders Fund, 8VC,
Even Healthcare, a pioneering managed care provider, has successfully raised $30 million in a Series A funding round, led by Khosla Ventures, with contributions from Founders Fund, 8VC, and Lachy Groom. This funding brings the company’s total capital to $50 million, following earlier investments of $15 million from Alpha Wave and Aspada in November 2022, and an initial $5 million seed investment from Khosla Ventures in 2021.
This latest capital infusion is set to propel Even Healthcare’s ambitious plans to launch hospital operations and enhance its patient care processes. The company aims to provide seamless, integrated healthcare services through its innovative “payvider” model—an unprecedented approach in India that combines payment and healthcare provision. By focusing on early risk profiling and managed care, Even Healthcare is determined to improve patient outcomes and accessibility.
Founded in 2020 by visionaries Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members complimentary consultations, diagnostic tests, and cashless hospitalization, all while leveraging partnerships with hospitals and insurance providers. What sets Even apart is its commitment to unlimited outpatient department (OPD) consultations and diagnostic services, which significantly lowers the barriers to quality healthcare.
With the new funding, Even Healthcare is set to open three secondary care hospitals in Bengaluru. These facilities are designed to mitigate hospitalization risks through early intervention and managed care, allowing the company to extend its successful outpatient model into inpatient settings. This strategic expansion not only reinforces Even’s mission but also aims to address the pressing healthcare needs of a rapidly growing population.
In just 18 months since its commercial launch, Even Healthcare has witnessed remarkable growth, amassing a membership base in the hundreds of thousands. The company has generated $28 million (over INR 230 crore) in revenue and employs a dedicated team of 300 professionals.
Co-founder Matilde Giglio shared insights into the company’s success, highlighting its strong performance in both B2B and B2C segments, coupled with an impressive 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, praised the company’s mission, stating, “Modernized healthcare is essential for 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 approach addresses critical gaps in India’s healthcare system, which faces some of the highest medical inflation rates in Asia. The company’s latest innovation, an AI-powered health assistant named “Even Steven,” aims to improve patient access to verified medical information via WhatsApp. This initiative underscores Even Healthcare’s commitment to leveraging technology in scaling healthcare solutions.
As Even Healthcare embarks on this transformative journey, the implications for the healthcare landscape in India are significant. With its unique model and unwavering focus on patient-centered care, the company is poised to redefine how healthcare is delivered, making it more accessible and affordable for millions.
The recent funding marks a pivotal moment for Even Healthcare, positioning it as a key player in India’s evolving healthcare ecosystem. As the company continues to grow and innovate, it stands ready to meet the challenges of the future and set new standards for healthcare in the region.
In a world where healthcare access and affordability are more critical than ever, Even Healthcare’s mission resonates strongly. With the support of its investors and a commitment to quality care, the company is well on its way to revolutionizing healthcare in Bengaluru and beyond.
