Even Healthcare, a managed care provider, has raised USD 30 million in a Series A funding round, led by Khosla Ventures. This funding round was further participation from Founders Fund, 8VC, and Lachy Groom, among others, wherein, the round brings the company’s total funding to USD 50 million.
The capital generated will be utilized to launch hospital operations while also focused towards scaling patient care and resource processes. As per the credible source, following an initial USD 5 million in seed capital led by Khosla Ventures in 2021, Even Healthcare had earlier again raised USD 15 million from Alpha Wave and Aspada in November 2022,
The company was established back in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo with an intent of offering its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. As per 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.
Even Healthcare is said to have grown its membership base to hundreds of thousands. This is said to have generated USD 28 million which is more than Rs 230 crore in revenue 18 months after its commercial launch.
Going forward, Even Healthcare intends to open three secondary-care-focused hospitals in Bengaluru. This move aims to reduce hospitalization risks via early risk profiling and managed care. While the healthcare market in India was valued at USD 372 billion in 2022, growing at a CAGR of 22 percent, private insurance still covers only a small portion of the population.
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