Even Healthcare Bags $30 Mn Led By Khosla Ventures

Healthtech startup Even Healthcare has secured $30 Mn (around INR 252 Cr) in a Series A funding round led by Khosla Ventures, along with participation from Founders Fund, 8VC and Lachy Groom among others. 

The company plans to deploy the fresh proceeds to boost hospital operations and facilitate patient care and recourse processes.

“Our health plans have grown aggressively in both B2B and B2C segments, with a 95% customer retention rate…To sustain this momentum, we will continue to invest in our delivery systems, technology and customer-friendly products,” cofounder Matilde Giglio said.

Founded in 2020 by Giglio, Mayank Banerjee and Alessandro Ialongo, Even Healthcare offers a membership model for unlimited free consultations, diagnostic tests, and cashless hospitalization. 

The membership with an annual fee of INR 4,800 covers consultations across episodic care, lifestyle management, and chronic condition treatment with an additional option of health insurance for hospital coverage.

Even Healthcare claims to have clocked $9 Mn revenue in FY24 and a total funding of $50 Mn to date. 

The startup further plans to open three secondary-care-focused hospitals in Bengaluru, it said in a statement.

“This move will enable the company to offer a vertically integrated “payvider” (payer + provider) model, a first in India, aimed at reducing hospitalization risks through early risk profiling and managed care,” it added.

Speaking about the provider-payer model, Giglio told Inc42, “In India this model is extremely new and pioneered by Even. There shall be more traction in this space…,” adding that Kaiser Permanente (US-based healthcare company) is the hallmark of the model, globally. 

Even healthcare in 2022 raised $15 Mn and $5 Mn funding in 2021, she said. 

The development comes at a time when the Indian healthcare startup landscape is getting investors attention. For instance, healthcare financing startup HealthCRED raised $1.2 Mn in a seed funding round co-led by venture capital firms Antler India, TRTL VC and iSeedVC in August. 

Earlier this month, AI Fund, a venture studio led by computer scientist and artificial intelligence research pioneer Andrew Ng marked its maiden bet in India by backing healthcare startup Jivi AI.