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 Even’s total capital to $50 million. This capital infusion underscores the demand for innovative healthcare models in India’s burgeoning healthcare sector.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, the startup is at the forefront of changing India’s 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 “provider” system—combining 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 “Even Steven,” an AI-powered health assistant accessible on WhatsApp, aims to provide patients with reliable, medically verified health information. This innovation reflects Even’s commitment to improving healthcare accessibility and fostering informed patient decision-making.
Market Impact and Vision
The 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, India’s 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, “Consistent high-quality care, customer experience, and value will build trust and loyalty,” 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.
Stay ahead of the curve and follow IndiaTechDesk on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.
Read More:
- BlackBuck Prepares for IPO to Raise $300 Million
- Care.fi Secures $2.6 Million to Expand Healthcare Financing
- Spry Therapeutics Bags $15M to Expand SaaS Solutions for Physical Therapy in the US
- M2P Fintech Nears $80 Million Funding Round, Valuation Expected to Hit $900 Million
- How is Skilfinity Assisting Brands to be Visible and Popular Online?
