Even Healthcare Secures $30 Mn In Series A

Even Healthcare secured USD 30 million in a Series A funding round led by Khosla Ventures, with additional participation from Founders Fund, 8VC, and Lachy Groom, bringing the company’s total funding to USD 50 million. This new investment will be directed toward starting hospital operations and enhancing patient care and resource processes, as noted in a press release.

Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial USD 5 million in seed funding from Khosla Ventures in 2021. Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, the company provides its members with free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team and insurance partners. They partner only with hospitals that commit to the care of their members for a recurring payment.

The platform features personalized managed care programs and offers Even cards for bill payments at partner hospitals and labs. Even claims to have an edge over traditional medical insurance by providing unlimited outpatient consultations and diagnostics.

With a team of 300 employees, Even Healthcare has rapidly expanded its membership to hundreds of thousands, generating USD 28 million (over Rs 230 crore) in revenue just 18 months after its commercial launch. Looking ahead Even plans to open three secondary-care-focused hospitals in Bengaluru to mitigate hospitalization risks through early risk profiling and managed care.

Despite the Indian healthcare market being valued at USD 372 billion in 2022 and growing at a CAGR of 22 per cent, private insurance still covers a relatively small portion of the population.