Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture

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, among others. This round brings the company’s total funding to $50 million.

The new capital will be used to launch hospital operations and scale patient care and resource processes, Even said in a press release.

Entrackr had exclusively reported on this round in August. Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial $5 million in seed capital led by Khosla Ventures in 2021.

Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment.

The platform also offers personalized managed care programs and provides Even cards, which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance by offering unlimited OPD consultations and diagnostics.

With a workforce of 300 employees, Even Healthcare claims to have grown its membership base to hundreds of thousands, generating $28 million (more than Rs 230 crore) in revenue 18 months after its commercial launch.

Going forward, Even Healthcare plans to open three secondary-care-focused hospitals in Bengaluru. The move aims to reduce hospitalization risks via early risk profiling and managed care.

While the healthcare market in India was valued at $372 billion in 2022, growing at a CAGR of 22%, private insurance still covers only a small portion of the population.