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Even Healthcare, a Bengaluru-based integrated managed care company, has raised USD 50 million in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave. The round triples Even’s valuation from its previous raise 18 months ago and takes total funding to over USD 120 million.
The capital will fund five new Even hospitals across Bengaluru over the next six months, starting with Indiranagar. The company aims to have a hospital within five kilometres of every member in the city, then bring the model to other major Indian cities. It currently serves more than 2.5 lakh members across 10 cities and has tripled membership over the past year.
“Every family in India has a hospital story, and too often it is about confusion, fear and a bill nobody could explain. That happens because a hospital earns more when a patient is admitted, and almost no one is accountable for keeping that patient well. Even was built to take on that responsibility,” said Mayank Banerjee, Co-founder, Even Healthcare.
In programmes run with insurance partners during its first full year of managed care, unplanned readmissions stayed below 1%, against an industry range of 8-15%. Average hospital stays were 40% shorter, and proactive care kept more than 200 members out of hospital, saving patients an estimated INR 15-16 crore. Both existing hospitals reached operational profitability in record time. The Race Course Road hospital earned NABH 6th Edition accreditation within its first year, one of only nine hospitals in Bengaluru accredited under the latest standards.
“Even is attempting something much more ambitious: integrating the financing, technology and delivery of care so that the system is rewarded for better health outcomes rather than greater utilisation,” said Vinod Khosla, Founder, Khosla Ventures.
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