Key Takeaways
- • Even Healthcare raised $50 million in a Series B round led by Khosla Ventures, with participation from Alpha Wave, bringing its total funding to roughly $136 million, according to Mint.
- • The company will deploy most of the proceeds into hospital expansion in Bengaluru, targeting five hospitals by Q1 or Q2 2027 so that no city resident is more than 5 km from one.
- • Even reported FY25 revenue of $3.2 million, up from $1 million a year earlier, while losses widened from $8.7 million to $10.7 million.
- • The raise follows a July report by Mint that the company was raising $50 million at a valuation of around $400 million.
- • Even's integrated model of hospitals, clinics, telemedicine and insurance tie-ups mirrors moves by Narayana Health and PB Health, reflecting a broader push by providers to align with insurers.
Summary
Even Healthcare, a Bengaluru-based managed healthcare startup, has raised $50 million in a Series B funding round led by US-based Khosla Ventures, with participation from Alpha Wave, according to co-founder and chief executive Mayank Banerjee. Mint first reported in July that the company was raising the round at a valuation of around $400 million. With the latest infusion, Even has raised a total of around $136 million. Khosla Ventures also led the company's $6.6 million seed round in 2021, when Banerjee founded Even alongside Matilde Giglio and Alessandro Ialongo.
Banerjee said the majority of the capital will go toward hospital expansion. Even currently operates two hospitals with a third under construction and aims to reach five by the first or second quarter of 2027, placing a facility within 5 km of every resident in the city. Each hospital is designed to specialize in particular care types while handling about 95% of cases, with more complex procedures such as certain transplants routed to designated centers. The company also runs clinics and a telemedicine service intended to reduce hospital visits.
Even's financials show rapid top-line growth alongside widening losses. Revenue reached $3.2 million in FY25, up from $1 million a year earlier, while losses rose from $8.7 million to $10.7 million over the same period.
The strategy reflects a broader industry thesis that integrating care delivery with insurance can ease premium pressure. Mint, citing PwC, notes that non-life insurance premiums, including health coverage, are expected to grow 13-15% annually in the medium term, raising affordability concerns for policyholders. Proponents argue that fewer illnesses and hospital visits could reduce insurer claims and payouts.
Peers are pursuing similar models. Narayana Health began offering insurance in 2024 after receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI). In its June-quarter results, the company reported Q1 FY27 insurance losses of ₹20 crore, versus ₹6 crore a year earlier, on net written premium of ₹25 crore, attributing the spike to a few large claims. PB Health, backed by PB Fintech, plans to invest about ₹10,000 crore to build 500 hospitals across 50 cities, having raised about $218 million in a seed round led by General Catalyst. PB Fintech chairman Yashish Dahiya has said the venture intends to shift away from fee-for-service care toward preventive medicine.
Banerjee said the majority of the capital will go toward hospital expansion. Even currently operates two hospitals with a third under construction and aims to reach five by the first or second quarter of 2027, placing a facility within 5 km of every resident in the city. Each hospital is designed to specialize in particular care types while handling about 95% of cases, with more complex procedures such as certain transplants routed to designated centers. The company also runs clinics and a telemedicine service intended to reduce hospital visits.
Even's financials show rapid top-line growth alongside widening losses. Revenue reached $3.2 million in FY25, up from $1 million a year earlier, while losses rose from $8.7 million to $10.7 million over the same period.
The strategy reflects a broader industry thesis that integrating care delivery with insurance can ease premium pressure. Mint, citing PwC, notes that non-life insurance premiums, including health coverage, are expected to grow 13-15% annually in the medium term, raising affordability concerns for policyholders. Proponents argue that fewer illnesses and hospital visits could reduce insurer claims and payouts.
Peers are pursuing similar models. Narayana Health began offering insurance in 2024 after receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI). In its June-quarter results, the company reported Q1 FY27 insurance losses of ₹20 crore, versus ₹6 crore a year earlier, on net written premium of ₹25 crore, attributing the spike to a few large claims. PB Health, backed by PB Fintech, plans to invest about ₹10,000 crore to build 500 hospitals across 50 cities, having raised about $218 million in a seed round led by General Catalyst. PB Fintech chairman Yashish Dahiya has said the venture intends to shift away from fee-for-service care toward preventive medicine.
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