Bengaluru-based integrated managed care provider Even Healthcare has raised $50 million in a Series B funding round led by existing investor Khosla Ventures, with participation from Alpha Wave, according to an announcement.
The latest round has tripled the company’s valuation compared with its previous fundraise 18 months ago, and taken its total funding to over $120 million, the company said in a statement.
Even Healthcare plans to use the fresh capital to set up five new hospitals across Bengaluru over the next six months, starting with Indiranagar, the statement added. The company currently operates two hospitals in the city.
“We stay with our members from their first consultation to the hospital bed and back home, and our economics depend on keeping them healthy. Two hospitals profitable in record time and readmissions below 1 per cent tell us the model works. This round is about building it at the scale of a city: an Even hospital close to every family in Bengaluru, and then in every major city in India,” said Mayank Banerjee, co-founder of Even Healthcare.
Founded in 2020 by Giglio, Mayank Banerjee, and Alessandro Ialongo, Even Healthcare provides its members with unlimited free consultations, diagnostic tests, and cashless hospitalisation through its in-house clinical team and insurance partners. The company claims to serve over 2.5 lakh members across 10 cities, having tripled its membership in the past year.
Even Healthcare last raised $20 million in a funding round led by existing investors Lachy Groom and Alpha Wave, with participation from Sharrp Ventures in January this year.
“Most healthcare companies optimise one piece of a fragmented system. Even is attempting something much more ambitious: integrating the financing, technology and delivery of care so that the system is rewarded for better health outcomes rather than greater utilisation. The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond,” said Vinod Khosla, Founder, Khosla Ventures.
