Key Takeaways
- • Even Healthcare, a Bengaluru-based managed care startup, closed a $50 million Series B round led by Khosla Ventures, with Alpha Wave also participating.
- • The company plans to open five hospitals in Bengaluru within six months; two are operating and a third is nearing completion, according to co-founder and CEO Mayank Banerjee.
- • Even serves more than 250,000 members across 10 cities and total funding now exceeds $120 million following an earlier $20 million round.
- • The company reports unplanned readmissions below 1% and average hospital stays 40% shorter in its first full year of managed care, though it did not disclose a comparison baseline.
- • Reports in July placed the round's valuation at around $400 million; the company has not confirmed this figure in the primary source.
Summary
Even Healthcare, a Bengaluru-based managed care startup, has closed a $50 million Series B financing led by U.S. investor Khosla Ventures, with Alpha Wave also participating. The round lifts the company's total funding to more than $120 million, following an earlier $20 million raise used to fund expansion.
Co-founder and chief executive Mayank Banerjee told reporters that the company plans to open five hospitals in Bengaluru over the next six months. Two hospitals are currently operating and a third is nearing completion. "We have two hospitals running at the moment with a third going up soon," Banerjee said in an interview.
The company serves more than 250,000 members across 10 cities. Even said that in its first full year of managed care, unplanned readmissions in programs run with insurance partners were below 1% and average hospital stays were 40% shorter. The company did not specify the baseline against which these results were measured, so the figures cannot be independently compared.
Reports in July placed the round's valuation at around $400 million, according to the primary source's account of earlier coverage. The company has not confirmed that figure in the material reviewed.
The financing comes as demand for integrated care models grows. PwC expects non-life insurance premiums, including health coverage, to expand at an average annual rate of 13-15% in the medium term. Hospital groups and startups are betting that bundling insurance with care delivery can reduce friction for patients.
The story was also reported by YourStory and Entrackr, which carried the same $50 million Series B headline and Khosla Ventures lead.
Co-founder and chief executive Mayank Banerjee told reporters that the company plans to open five hospitals in Bengaluru over the next six months. Two hospitals are currently operating and a third is nearing completion. "We have two hospitals running at the moment with a third going up soon," Banerjee said in an interview.
The company serves more than 250,000 members across 10 cities. Even said that in its first full year of managed care, unplanned readmissions in programs run with insurance partners were below 1% and average hospital stays were 40% shorter. The company did not specify the baseline against which these results were measured, so the figures cannot be independently compared.
Reports in July placed the round's valuation at around $400 million, according to the primary source's account of earlier coverage. The company has not confirmed that figure in the material reviewed.
The financing comes as demand for integrated care models grows. PwC expects non-life insurance premiums, including health coverage, to expand at an average annual rate of 13-15% in the medium term. Hospital groups and startups are betting that bundling insurance with care delivery can reduce friction for patients.
The story was also reported by YourStory and Entrackr, which carried the same $50 million Series B headline and Khosla Ventures lead.
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