Other US-based investors also participated in the round, including Founders Fund, 8VC, and Lachy Groom.
The funds will be used to start operating the hospital in Bangalore and scale up patient care and relief processes. This round brings the company's total funding to date to $50 million.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare is a managed care provider that offers members benefits such as unlimited free consultations, diagnostic tests, and cashless hospitalization.
These services are provided through our in-house clinical teams, owned clinics, partner clinics, and insurance partners.
“In the market, most insurance products only cover hospitalization. We do all the tests, including preventive, diagnostic and OPD (outpatient). So we cover not only hospitalization but also outpatient treatment. We handle most of that in-house,” Giglio told ET.
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The company says it currently has about 200 business-to-business customers, including Grant Thornton, Pixxel, Mensa, Ultrahuman, Slice, and Urban Ladder. To the thousands of clinics we work with. ” she said.
From 2023 to 2024, the company generated revenue of $9 million.
“The run rate for this year is already at $28 million. In FY25 we will probably close at $35 million,” Giglio said.
The company currently has around 300 employees and customers across India. Giglio said the focus is on large cities and second-tier cities. “Apart from Bangalore itself, Delhi, Mumbai, Hyderabad and Pune are our major centres,” she said.
Even in healthcare, we are planning to open three hospitals in Bangalore with a focus on secondary care.
“We have proven that bringing healthcare in-house provides a better experience for our customers and increases our profit margins, so we opened three hospitals in Bangalore and brought IPD (inpatient department) services in-house. “That’s the plan,” Giglio said. “We want to be a truly fully integrated healthcare provider, and the rapid pace of growth is accelerating our hospital efforts. We can do it faster because we have access to capital.”
The company raised $5 million in 2021, followed by a $15 million round in November 2022.
Commenting on the investment, Vinod Khosla, Founder of Khosla Ventures, said: “Modern healthcare is essential for any country. In healthcare, we are proud to partner with them as they boldly reimagine healthcare in India, providing high-quality, affordable care to one of the world's largest populations. We are excited.”
