Bengaluru-based healthcare startup Even Healthcare has raised $30 million (approximately Rs 252 crore) in a funding round led by Silicon Valley’s Khosla Ventures, with participation from other notable U.S. investors, including Founders Fund, 8VC, and Lachy Groom. The new capital will support the company’s ambitious plans to launch hospital operations in Bengaluru and scale up patient care services.
Since its founding in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare has positioned itself as a managed care provider, offering comprehensive healthcare services to its members. These services include unlimited free consultations, diagnostic tests, and cashless hospitalisation through a mix of in-house clinics, partner clinics, and insurance partnerships. This latest funding round brings the company’s total raised to $50 million.
The startup’s business model goes beyond traditional health insurance, offering a more holistic approach to care. “In the market, the majority of insurance products only cover hospitalisation. We do everything: prevention, diagnostics, and all tests, including outpatient care,” explained Giglio. This unique value proposition has resonated with both individual and corporate clients, with Even Healthcare currently serving around 200 business-to-business clients, including well-known names such as Grant Thornton, Pixxel, Mensa, Ultrahuman, Slice, and Urban Ladder.
With five clinics already operating in Bengaluru, Even Healthcare also provides access to a broad network of partner clinics across India for members outside of the city. The startup is rapidly expanding its presence, focusing on metro and tier-2 cities, including Delhi, Mumbai, Hyderabad, and Pune.
In terms of financial performance, the company has seen remarkable growth. In 2023-24, Even Healthcare generated $9 million in revenue and is projected to hit a $35 million run rate by the end of FY25. This upward trajectory has emboldened the startup to accelerate its expansion plans, particularly in hospital infrastructure.
The startup plans to open three hospitals in Bengaluru, focusing on secondary care. “By doing healthcare in-house, we can provide a better experience for customers and also increase our margins. We will be opening three hospitals in Bangalore to deliver inpatient services in-house,” said Giglio. The company’s goal is to become a fully integrated healthcare provider, leveraging its latest round of funding to fast-track these developments.
Vinod Khosla, founder of Khosla Ventures, praised the startup’s vision, stating, “Modernised healthcare is essential to any country. Even Healthcare is bringing high-quality, affordable care to one of the world’s largest populations, and we’re excited to partner with them as they boldly reimagine healthcare for India.”
With the additional capital, Even Healthcare is poised to continue its rapid growth, redefining the healthcare experience in India by providing integrated, affordable, and efficient care.
