Even Healthcare, a fast-growing managed care provider in India, has raised $30 million in Series A funding led by Khosla Ventures to advance its innovative healthcare model, focusing on hospital operations and improving patient care across India through its transformative approach to Healthcare.
The funding, which includes contributions from prominent investors like Founders Fund, 8VC, and Lachy Groom, brings Evenās total capital to $50 million. This capital infusion underscores the demand for innovative healthcare models in Indiaās burgeoning healthcare sector.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, the startup is at the forefront of changing Indiaās healthcare model. Offering patients a unique managed care provider experience, it combines unlimited consultations, diagnostic tests, and cashless hospital services through an in-house clinical team and partnerships with leading clinics and insurance companies.
Unlike the traditional fee-for-service structure, Even aligns its model with health outcomes, creating a seamless, trusted healthcare experience that balances patient and provider incentives.
Innovative Model for Patient-Centric Care by Even Healthcare
Even Healthcare’s groundbreaking healthcare model is set to expand even further, with plans to open three hospitals in Bengaluru that focus on secondary care. This expansion enables the managed care provider to deliver a āproviderā systemācombining payer and provider capabilities within its network. This strategy seeks to mitigate hospitalization risks through preventive care powered by early risk profiling and managed care solutions.
In addition to its physical services, the startup is leveraging technology to broaden patient accessibility and enhance healthcare delivery. The recent launch of āEven Steven,ā an AI-powered health assistant accessible on WhatsApp, aims to provide patients with reliable, medically verified health information. This innovation reflects Evenās commitment to improving healthcare accessibility and fostering informed patient decision-making.
Market Impact and Vision
TheĀ rapid growth of the healthtech startup has enabled it to expand its workforce by 50 percent within a year, currently at 300 employees. With hundreds of thousands of members and $28 million in revenue generated within 18 months of its commercial debut, the company exemplifies the potential of managed care models in a rapidly evolving market.
Notably, Indiaās healthcare sector is on a growth trajectory, projected to increase at a 22 percent compound annual growth rate (CAGR), with medical inflation rates among the highest in Asia.
Speaking on the new funding, Co-founder Matilde Giglio said, āConsistent high-quality care, customer experience, and value will build trust and loyalty,ā noting that their health plans have seen aggressive growth in both B2B and B2C segments with a remarkable 95 percent customer retention rate.
Amid a healthcare market valued at $372 billion in 2022, Even’s managed care provider model fills critical gaps left by traditional healthcare and insurance systems. This funding milestone positions the company to significantly influence the healthcare landscape, reshaping accessibility, efficiency, and patient satisfaction.
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