Even Healthcare, a Bangalore-based healthcare startup, which provides consultations, hospitalisation and insurance services raised $30 Million in Series A funding.
Here’s everything you need to know!
Even Healthcare fundraise details
The fundraiser happened last month and was led by Khosla Ventures, a US-based venture capital firm that invests in early-stage deep-tech companies.
It also saw participation from other US-based companies like 8VC, Founders Fund, and Lachy Groom to expand their healthcare model by simplifying access.
This round of investment brings their total funding to $50 million. Earlier the startup raised Seed capital of $5 Million in 2021, followed by a $15 Million funding round in November 2022.
How does Even Healthcare plan to use the funds?
The fresh funds will be used to launch hospital operations in Bangalore. Even Healthcare plans to open three hospitals in Bengaluru dedicated to secondary care.
“Since we’ve proven that 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 the IPD (inpatient department) services in-house.”
-Giglio, co-founder of Even Healthcare in a statement to The Economic Times
More about Even Healthcare
Founded by Mayank Banerjee, Matilde Gigilo, and Alessandro Ialongo, Even Healthcare has become the number one alternative to traditional health insurance since 2020.
The startup aims to make insurance manageable and more approachable. It provides regular healthcare and checkups (without expensive hospital visits) and health insurance (without any complexities). This platform is perfect for individuals or families with simple healthcare plans regarding chronic diseases or prevention.
Even healthcare’s main goal is to remove complicated claims in the insurance process and expand it into a subscription plan for patients to gather consultations, diagnoses, and insurance all into one single app.
It delivers its services through an in-house clinical team, along with owned and partner clinics, as well as through insurance partners.
As a managed care provider, Even Healthcare’s preventive care is not just created to keep patients insured but also to keep them healthy with 24/7 support, so they have easy healthcare access even during the most serious sudden conditions.
Market presence and growth
“In the market, the majority of insurance products only cover hospitalisation. We do everything: prevention, diagnostics, and all the tests including OPD (outpatient department). So, outpatient care is included, not just hospitalisation, and we handle that mostly in-house.”
-Giglio told The Economic Times
Currently, the startup serves around 200 business-to-business clients, including Grant Thornton, Slice, Pixxel, Ultrahuman, Mensa, and Urban Ladder.
They have five clinics in Bangalore and outside the city, they direct you to their partner clinics.
The startup generated $9 million in revenue for the 2023-24 fiscal year and is on track to reach a run rate of $28 million this year, with projections to close at $35 million in FY25.
With approximately 300 employees and clients across India, Even Healthcare is strategically focusing on metro and tier-2 cities, including Delhi, Mumbai, Hyderabad, and Pune, alongside Bangalore. The company also plans to open three hospitals in Bengaluru dedicated to secondary care.
Adoption and review
The main focus of Even Healthcare has been its subscription-based model for its members. As a customer, you can use their services by:
Step 1: Subscribing through their website or app
Step 2: Accessing unlimited consultations
Step 3: Using the membership card for cashless healthcare
Even Healthcare customers have shown positive responses and shared their experiences, which highlights the platform’s convenience and support. Even emergency assistance has been quicker, which has been very helpful for the customers.
Looking forward
Vinod Khosla, founder of Khosla Ventures, commented on the investment, 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.”
Lastly, we at All Health Tech feel that with significant funding and a strategic focus on expanding its reach, Even Healthcare is well-positioned to reshape the future of healthcare in India, potentially making it more accessible and efficient for all.
By Rinkle Dudhani and the AHT team
