Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with contributions from Founders Fund, 8VC, and Lachy Groom. This investment brings the total funds raised by the company to $50 million.
The fresh capital will be directed towards launching hospital operations and enhancing patient care and resource management processes, the company revealed in a statement.
This funding round had been reported earlier in August. Previously, Even Healthcare secured $15 million from Alpha Wave and Aspada in November 2022, building on an initial $5 million seed investment led by Khosla Ventures in 2021.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare provides its members with free consultations, diagnostic services, and cashless hospitalization through its in-house clinical team and insurance partners. The company collaborates only with hospitals that guarantee consistent care for its members in exchange for a subscription fee.
In addition, Even offers managed care programs and provides Even cards for payment at partner hospitals and labs. The platform differentiates itself from traditional medical insurance by offering unlimited OPD consultations and diagnostics.
Even Healthcare has grown rapidly, boasting a team of 300 employees and a member base in the hundreds of thousands. The company has generated $28 million (over Rs 230 crore) in revenue within 18 months of its commercial launch.
Looking ahead, Even Healthcare intends to open three hospitals in Bengaluru focused on secondary care. This expansion aims to minimize hospitalization risks through early risk profiling and managed care services.
India’s healthcare market, valued at $372 billion in 2022, continues to expand at a compound annual growth rate (CAGR) of 22%. However, private insurance still covers only a fraction of the population.
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