Key Takeaways
- • Bengaluru-based managed care startup Even Healthcare raised $50 million (approximately Rs 475 crore) in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave, per Indian Retailer.
- • The all-equity primary round lifts Even Healthcare's total capital raised to more than $120 million; the company said its valuation has tripled since its previous raise 18 months ago but did not disclose the current figure.
- • Proceeds will primarily fund hospital network expansion in Bengaluru, with one more hospital targeted by end-2026 and three additional facilities by end of FY27, before expansion into other cities.
- • Even Healthcare claims more than 2.5 lakh members across 10 cities, with membership tripling over the past year, and reports unplanned readmissions below 1 percent versus an industry range of 8 to 15 percent.
- • Indian Retailer also reported Innovist revenue of Rs 685.7 crore in FY26 and Deconstruct revenue of Rs 165 crore with a Rs 5.4 crore net loss, plus a Rs 3.3 crore raise for Strokes by Namrata Mehta from Shriyam Bhagnani.
Summary
Even Healthcare, a Bengaluru-based managed care startup founded in 2020 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo, has raised $50 million (approximately Rs 475 crore) in a Series B funding round led by existing investor Khosla Ventures, according to Indian Retailer. Alpha Wave participated in the round. The all-equity primary raise brings the company's total capital raised to more than $120 million. Earlier in the year, the company had raised $20 million to expand its hospital network and develop new facilities.
The company said its valuation has tripled since its previous fundraise 18 months ago, though it has not disclosed its current valuation. Even Healthcare plans to use the fresh capital mainly to expand its hospital network in Bengaluru. It currently operates two multispeciality hospitals, on Race Course Road and in HBR Layout, and aims to open another by the end of 2026, followed by three more facilities by the end of FY27. The startup intends to enter other cities once its Bengaluru presence is stronger. Banerjee said that approximately 85 to 90 percent of members living near one of its Bengaluru hospitals choose the startup for their healthcare needs.
Even operates an integrated managed care model that combines preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation and post-discharge recovery. Services include telemedicine, at-home blood tests and cashless hospitalisation through insurance partners. The company employs salaried doctors whose compensation is not tied to procedure volume or revenue; instead, they are evaluated on patient outcomes, recovery periods and readmissions. An AI-based quality monitoring system reviews medical cases against clinical protocols in real time, and the company recently introduced Even Spotlight, a dashboard tracking clinical outcomes and patient-reported metrics.
The company reports that unplanned readmissions under insurance-partner programmes remain below 1 percent, against an industry range of 8 to 15 percent, and that average hospital stays are 40 percent shorter. Its proactive programmes reportedly helped more than 200 members avoid hospitalisation, yielding estimated savings of Rs 15 crore to Rs 16 crore. These figures are company-reported and have not been independently verified in the source.
In related coverage from the same publisher on the same date, Innovist, operated by Onesto Labs, reported FY26 revenue from operations of Rs 685.7 crore, up from Rs 246.7 crore, with net profit rising 87 percent to Rs 21.5 crore. Advertising costs rose to Rs 262 crore. Deconstruct, a Bengaluru D2C skincare brand founded by Malini Adapureddy, reported FY26 revenue of Rs 165 crore, up 30 percent, but a net loss of Rs 5.4 crore. Separately, Strokes by Namrata Mehta raised Rs 3.3 crore from actor and investor Shriyam Bhagnani, with the investment associated with the Deepak Bhagnani Family Office; the company has not disclosed its valuation.
The company said its valuation has tripled since its previous fundraise 18 months ago, though it has not disclosed its current valuation. Even Healthcare plans to use the fresh capital mainly to expand its hospital network in Bengaluru. It currently operates two multispeciality hospitals, on Race Course Road and in HBR Layout, and aims to open another by the end of 2026, followed by three more facilities by the end of FY27. The startup intends to enter other cities once its Bengaluru presence is stronger. Banerjee said that approximately 85 to 90 percent of members living near one of its Bengaluru hospitals choose the startup for their healthcare needs.
Even operates an integrated managed care model that combines preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation and post-discharge recovery. Services include telemedicine, at-home blood tests and cashless hospitalisation through insurance partners. The company employs salaried doctors whose compensation is not tied to procedure volume or revenue; instead, they are evaluated on patient outcomes, recovery periods and readmissions. An AI-based quality monitoring system reviews medical cases against clinical protocols in real time, and the company recently introduced Even Spotlight, a dashboard tracking clinical outcomes and patient-reported metrics.
The company reports that unplanned readmissions under insurance-partner programmes remain below 1 percent, against an industry range of 8 to 15 percent, and that average hospital stays are 40 percent shorter. Its proactive programmes reportedly helped more than 200 members avoid hospitalisation, yielding estimated savings of Rs 15 crore to Rs 16 crore. These figures are company-reported and have not been independently verified in the source.
In related coverage from the same publisher on the same date, Innovist, operated by Onesto Labs, reported FY26 revenue from operations of Rs 685.7 crore, up from Rs 246.7 crore, with net profit rising 87 percent to Rs 21.5 crore. Advertising costs rose to Rs 262 crore. Deconstruct, a Bengaluru D2C skincare brand founded by Malini Adapureddy, reported FY26 revenue of Rs 165 crore, up 30 percent, but a net loss of Rs 5.4 crore. Separately, Strokes by Namrata Mehta raised Rs 3.3 crore from actor and investor Shriyam Bhagnani, with the investment associated with the Deepak Bhagnani Family Office; the company has not disclosed its valuation.
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