Bengaluru-based managed care company Even Healthcare has raised $50 million in a Series B round led by existing investor Khosla Ventures. Alpha Wave also participated in the round.
According to the company, the round values it at three times its valuation 18 months ago and brings its total funding to more than $120 million.
The money will go towards five new Even hospitals in Bengaluru over the next six months, beginning with Indiranagar. The company runs two hospitals in the city at present.
Even's pitch rests on the criticism of how private healthcare is generally paid for in India. Nobody is clearly responsible for a patient's health between hospital visits, and families end up repeating their medical history to each new doctor. They struggle to judge whether a scan or surgery is necessary, and face bills they had not anticipated.
Even says it works differently. Members are assigned a care team that follows them over time and contacts them before a minor problem turns into an admission. If hospital care is needed, it is cashless. The same team stays in touch after discharge until recovery is complete, it says.
The company claims to be the only private hospital chain in India where doctors are not paid on the number of procedures they carry out or the revenue they generate. Instead, they are assessed on whether patients improve, how fast they recover, and whether they return to hospital. An AI system reviews each case against clinical protocols as it happens.
The company says, in its first full year of managed care, in programmes run with insurance partners, unplanned readmissions stayed below 1%, compared with an industry range of 8 to 15%. Average stays were 40% shorter. Even says proactive care kept more than 200 members out of hospital entirely, saving patients an estimated Rs 15 crore to 16 crore. Its hospital on Race Course Road won NABH 6th Edition accreditation within a year, one of only nine hospitals in Bengaluru to hold it. Both hospitals of Even have reached operational profitability in "record time", says the company,
"Every family in India has a hospital story, and too often it is about confusion, fear and a bill nobody could explain," said Co-founder Mayank Banerjee. He said the aim is to have an Even hospital close to every family in Bengaluru, and then in every major Indian city. The company eventually wants one within five kilometres of every member in the city.
Vinod Khosla, Founder of Khosla Ventures, said many healthcare companies optimise a single piece of a fragmented system, whereas Even is trying to integrate financing, technology, and care delivery so the system is rewarded for health outcomes rather than utilisation.
The company was founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo. Founders Fund and 8VC are among its backers. Even serves more than 2.5 lakh members across 10 cities and says its membership has tripled over the past year.