Even Healthcare, Co-Founded by Italian Entrepreneur, Raises $30 Million Series A to Revolutionize Healthcare with AI and New Hospitals

Even Healthcare Raises $30 Million Series A to Revolutionize India’s Healthcare System with AI and New Hospitals in Bengaluru

Bengaluru, India – October 2024 – Even Healthcare, a rapidly growing Indian healthcare startup, has secured $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, Lachy Groom, and other investors. This latest round of investment brings the company’s total funding to $50 million, marking a significant step toward redefining healthcare in India.

Founded in 2020 by Matilde Giglio, Mayank Banerjee, and Alessandro Ialongo, Even Healthcare is on a mission to make quality healthcare more accessible and affordable for India’s vast population. The new funding will support the expansion of Even’s healthcare model, with plans to build three new hospitals in Bengaluru and enhance patient care through cutting-edge technologies, including the recently launched AI-powered healthcare assistant, Even Steven.

An Innovative Approach to Indian Healthcare

Unlike India’s traditional fee-for-service healthcare model, which often results in financial barriers and delayed care, Even’s unique model aligns health outcomes with income. Members gain access to unlimited consultations, diagnostic tests, and cashless hospitalization services for an annual fee of 4,800 Indian rupees, with an option to add health insurance for comprehensive hospital coverage.

“We are committed to delivering continuous, high-quality care while creating a climate of trust and loyalty among our members,” said co-founder Matilde Giglio. “Our healthcare plans have seen tremendous growth across both the B2B and B2C sectors, with a customer retention rate of 95%. This funding will allow us to expand further, bringing our vertically integrated ‘payvider’ model to life, which is a first in India.”

Expansion Plans and Technological Innovation

With a workforce of 300 employees, Even Healthcare has already built a customer base of hundreds of thousands of subscribers, generating $28 million in revenue in just 18 months. The startup’s innovative approach aims to reduce hospitalization risks through early risk profiling and managed care. By internalizing hospital operations, Even has been able to deliver a higher quality of care, fostering strong customer satisfaction and loyalty.

The additional funding will support the opening of three new hospitals in Bengaluru, strengthening Even’s capacity to deliver comprehensive care under one roof. These facilities will enhance the company’s vertically integrated approach, combining healthcare provision with insurance to offer a seamless patient experience.

The launch of Even Steven, an AI-based healthcare assistant available via WhatsApp, further demonstrates Even’s commitment to innovation. Even Steven provides patients with accurate, verified medical information, improving access to care and empowering users to manage their health more effectively.

Investor Confidence in a Growing Market

India’s healthcare market is projected to grow at a compound annual growth rate (CAGR) of 22%, with the overall market valued at $372 billion in 2022. However, only a small portion of the population currently has access to private health insurance. Even Healthcare’s comprehensive plans, priced at approximately €200 annually, aim to bridge this gap, offering families affordable, high-quality care through a combination of in-house clinics, hospitals, and insurance partners.

“Even is transforming healthcare for one of the world’s largest populations by making it more accessible and affordable,” said Vinod Khosla, founder of Khosla Ventures. “We are excited to partner with Even as they boldly reinvent healthcare for India.”