Even Healthcare Raises $50 Mn To Expand Hospital Network Across Bengaluru

Managed care startup Even Healthcare has secured $50 million in Series B funding to expand its hospital network across Bengaluru. Led by Khosla Ventures and supported by Alpha Wave, this all-equity round brings the startup's total funding to over $120 million. Even plans to open a new hospital by year-end 2026, followed by three more by the end of FY27, enhancing its presence in Bengaluru.

Currently operating in Race Course Road and HBR Layout, the company aims to serve its patients better, with cofounder Mayank Banerjee emphasizing the importance of well-served Bengaluru patients.

Since its last funding round in early 2023, Even's valuation has tripled, though the startup has not disclosed the latest valuation. Founded in 2020 by Banerjee, Matilde Giglio, and Alessandro Ialongo, Even provides an integrated managed care model covering preventive care, outpatient consultations, diagnostics, insurance access, hospitalization, and post-discharge recovery.

The startup's services include telemedicine, at-home blood tests, medical guidance, and cashless hospitalization through insurance partners. Doctors employed by Even are salaried and compensated based on patient outcomes, recovery timelines, and re-admissions, rather than the number of procedures performed or revenue generated.

Around 85-90% of Even's members residing near its Bengaluru hospitals choose the startup for their healthcare needs. The company utilizes an AI-based quality system to monitor clinical outcomes in real time against clinical protocols. Notably, unplanned re-admissions in programs run with insurance partners have remained below 1%, compared to an industry range of 8-15%.

Additionally, Even claims average hospital stays are 40% shorter, and proactive care has helped more than 200 members avoid hospitalization, saving an estimated ₹15-16 crore.

With over 2.5 lakh members across 10 cities, Even's membership has tripled in the past year. The recent hospital expansion follows reports in August that the company laid off approximately 350 employees as it scaled down its insurance business and transitioned to a hospital-focused healthcare model. The workforce reductions affected 30-35% of the company's workforce across various teams.