Even Healthcare raises Rs 252 crore in Series A funding to launch hospital operations, enhance patient care
Bengaluru: Even Healthcare, a Bengaluru-based managed care provider, recently secured USD 30 million (approximately Rs 252 crore) in a Series A funding round. The round was led by Khosla Ventures, with participation from prominent investors like Founders Fund, 8VC, and Lachy Groom.
The newly raised capital will be used to establish hospital operations in Bengaluru and improve patient care and support processes. This funding brings Even Healthcare's total capital raised to $50 million to date. The company previously raised $5 million in 2021, followed by a $15 million round in November 2022.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare operates as a managed care provider, offering its members benefits such as unlimited free consultations, diagnostic tests, and cashless hospitalization. These services are delivered through its in-house clinical team, along with owned and partner clinics, and supported by insurance partners.
"In the market, most insurance products focus solely on hospitalization. We cover everything—prevention, diagnostics, and all tests, including OPD (outpatient department) services. Outpatient care is part of our offerings, not just hospitalization, and we manage most of it in-house," Giglio told ET.
The company currently serves around 200 business-to-business clients, including Grant Thornton, Pixxel, Mensa, Ultrahuman, Slice, and Urban Ladder. “We have five clinics in Bengaluru, and for clients outside the city, we connect them to thousands of partner clinics,” she added.
In the 2023-24 fiscal year, Even Healthcare recorded $9 million in revenue. According to Express Healthcare, since its commercial launch just 1.5 years ago, the company has attracted hundreds of thousands of members and generated $28 million in revenue. For an annual fee of ₹4,800, members enjoy unlimited consultations across episodic care, lifestyle management, and chronic condition treatment, with the option to add health insurance for hospital coverage.
“This year, our run rate has reached $28 million, and we expect to close at $35 million in FY25,” Giglio stated.
Presently, the company employs around 300 people and serves clients across India, with a focus on metro and tier-2 cities. “Our key centers include Delhi, Mumbai, Hyderabad, Pune, and Bengaluru,” Giglio added.
According to a recent ET report, Even Healthcare plans to establish three secondary care hospitals in Bengaluru. “We’ve demonstrated that by managing healthcare in-house, we can enhance the customer experience and improve margins. As a result, we plan to open three hospitals in Bengaluru to deliver IPD (inpatient department) services directly,” Giglio explained. “Our goal is to become a fully integrated healthcare provider, and given our rapid growth and increased access to capital, we can accelerate this hospital expansion.”
Vinod Khosla, founder of Khosla Ventures, remarked, “Modernized healthcare is vital for any nation. Even Healthcare is delivering high-quality, affordable care to one of the world’s largest populations, and we’re thrilled to partner with them as they boldly reimagine healthcare for India.”
