Even Healthcare has raised $50 Mn in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave
The funding will support the managed care startup’s hospital expansion in Bengaluru as it scales back its insurance business
Even plans to add four hospitals by the end of FY27 to its existing network of two facilities before expanding to other cities
Bengaluru-based managed care startup Even Healthcare has raised $50 Mn (about ₹475 Cr) in a Series B funding round led by existing investor Khosla Ventures, with participation from Alpha Wave.
The all-equity primary round takes its total funding to over $120 Mn, the startup said in a statement.
Even will use the proceeds primarily to expand its hospital network in Bengaluru. It plans to open another hospital by the end of 2026, followed by three more by the end of FY27. It currently operates two multispeciality hospitals on Race Course Road and in HBR Layout.
The startup plans to enter other cities after strengthening its Bengaluru presence. “We want to make sure that Bengaluru patients and members are pretty well served,” cofounder Mayank Banerjee told Inc42.
Even said its valuation had tripled since its previous fundraise 18 months ago, without disclosing its latest valuation. The startup last raised $20 Mn earlier this year to expand its hospital network and launch new facilities.
Founded in 2020 by Banerjee, Matilde Giglio, and Alessandro Ialongo, Even offers an integrated managed care model combining preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation, and post-discharge recovery.
The startup aims to reduce healthcare costs by managing patients’ health beyond individual hospital visits. Its services include telemedicine, at-home blood tests, and medical guidance, alongside cashless hospitalisation through insurance partners.
Even employs salaried doctors whose compensation is not linked to the number of procedures performed or revenue generated. The startup said it assesses doctors on patient outcomes, recovery timelines, and re-admissions.
Banerjee said around 85-90% of Even members living near one of its Bengaluru hospitals choose the startup for their healthcare needs.
Even also uses an AI-based quality system to review cases against clinical protocols in real time. It recently launched Even Spotlight, a dashboard tracking clinical outcomes and patient-reported metrics.
The startup said unplanned re-admissions in programmes run with insurance partners remained below 1%, compared with an industry range of 8-15%. It also claimed average hospital stays were 40% shorter, while proactive care helped more than 200 members avoid hospitalisation, saving an estimated ₹15 Cr to ₹16 Cr.
Even claims to serve more than 2.5 Lakh members across 10 cities, having tripled its membership over the past year.
The hospital expansion follows reports in August that Even laid off around 350 employees as it scaled down its insurance business and shifted resources towards a hospital-led healthcare model. The cuts affected 30-35% of its workforce across multiple teams.
Source: Inc42
