Even Healthcare raises $30 million in series A funding round led by Khosla Ventures

Bengaluru-based healthcare startup 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, among others.

The new funding will help Even Healthcare expand its hospital operations in Bengaluru and scale its patient care processes.

The startup plans to leverage these funds to further its mission of improving healthcare delivery in India through a unique managed care model.

A focus on integrated healthcare

Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers a range of services to its members, including unlimited free consultations, diagnostic tests, and cashless hospitalizations.

The startup operates through its in-house clinical team, a network of owned and partner clinics, and insurance partners. 

What sets Even Healthcare apart from traditional insurance providers is its focus on both outpatient and inpatient care.

According to the company, this comprehensive approach covers preventive care, diagnostics, and outpatient department (OPD) services, which are typically excluded from standard insurance plans. Giglio, one of the co-founders, highlighted the company’s holistic approach, stating, "We do everything: prevention, diagnostics, and all the tests, including OPD, not just hospitalisation."

Expansion plans and growth

The fresh capital infusion will primarily support Even Healthcare’s plans to open three new hospitals in Bengaluru. These hospitals will focus on secondary care and aim to deliver a fully integrated healthcare experience.

By operating its own hospitals, the startup hopes to provide better care while improving profitability.

In addition to expanding its infrastructure, Even Healthcare aims to scale its patient care processes and use technology to streamline its services. It recently introduced an AI-powered health assistant called "Even Steven" to assist members in managing their healthcare needs.

Impressive financial growth

Since its commercial launch, Even Healthcare has seen rapid growth. The company has expanded its membership base to hundreds of thousands and achieved significant revenue milestones.

In the 2023-24 fiscal year, Even Healthcare generated $9 million in revenue, and according to Giglio, they expect to close the 2024-25 fiscal year at $35 million.

The startup employs 300 people and serves clients across India, including major corporations such as Grant Thornton, Pixxel, Mensa, and Urban Ladder.

Investor comments

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.”