Key Takeaways
- • Even Healthcare raised $50 million in a Series B round led by US-based Khosla Ventures, with participation from Alpha Wave, bringing its total funding to roughly $136 million, according to Mint.
- • The Bengaluru-based managed healthcare startup will direct most of the proceeds to hospital expansion, aiming for five hospitals in Bengaluru by Q1 or Q2 2027 so that no resident is more than 5 km from one.
- • Even's FY25 revenue rose to $3.2 million from $1 million a year earlier, while losses widened to $10.7 million from $8.7 million.
- • The round values the company at around $400 million, based on Mint's July report of a planned raise at that valuation.
- • The raise reflects a broader push by hospital groups and startups in India to integrate healthcare delivery with insurance, as seen with Narayana Health and PB Health.
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, who spoke in an interview. 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, the year Banerjee founded Even alongside Matilde Giglio and Alessandro Ialongo.
Banerjee said the company currently runs two hospitals with a third under way. "The vast majority of our investment is going to be spent on hospital expansion," he said. The company aims to have five hospitals by the first or second quarter of 2027, so that no one in the city is more than 5 km from one. Alongside its hospitals, Even operates clinics and a telemedicine service intended to reduce the need for hospital visits. Each hospital is designed to specialize in a particular type of care while still handling 95% of cases, Banerjee said, with more complex procedures such as certain transplants concentrated at select sites.
Financially, Even's revenue grew to $3.2 million in FY25 from $1 million a year earlier, while losses widened to $10.7 million from $8.7 million over the same period. The company's model is part of a wider trend in India toward closer ties between hospitals and insurers. According to PwC, non-life insurance premiums, including health coverage, are expected to grow at an annual average rate of 13-15% in the medium term, and rising premiums could push consumers to drop policies over affordability concerns. Integrated models are intended to reduce claims and ease premium pressure.
Narayana Health began offering insurance in 2024 after receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI). On its June-quarter earnings call, the company said its insurance book remained small and that losses spiked in Q1 FY27 to Rs.20 crore from Rs.6 crore a year earlier, owing to a few large claims. Net written premium stood at Rs.25 crore. PB Health, backed by PB Fintech, plans to invest about Rs.10,000 crore to build 500 hospitals across 50 cities and has raised about $218 million in a seed round led by General Catalyst. PB Fintech chairman Yashish Dahiya has said the venture aims to move away from fee-for-service care toward preventive care, leveraging insurer relationships.
Banerjee said the company currently runs two hospitals with a third under way. "The vast majority of our investment is going to be spent on hospital expansion," he said. The company aims to have five hospitals by the first or second quarter of 2027, so that no one in the city is more than 5 km from one. Alongside its hospitals, Even operates clinics and a telemedicine service intended to reduce the need for hospital visits. Each hospital is designed to specialize in a particular type of care while still handling 95% of cases, Banerjee said, with more complex procedures such as certain transplants concentrated at select sites.
Financially, Even's revenue grew to $3.2 million in FY25 from $1 million a year earlier, while losses widened to $10.7 million from $8.7 million over the same period. The company's model is part of a wider trend in India toward closer ties between hospitals and insurers. According to PwC, non-life insurance premiums, including health coverage, are expected to grow at an annual average rate of 13-15% in the medium term, and rising premiums could push consumers to drop policies over affordability concerns. Integrated models are intended to reduce claims and ease premium pressure.
Narayana Health began offering insurance in 2024 after receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI). On its June-quarter earnings call, the company said its insurance book remained small and that losses spiked in Q1 FY27 to Rs.20 crore from Rs.6 crore a year earlier, owing to a few large claims. Net written premium stood at Rs.25 crore. PB Health, backed by PB Fintech, plans to invest about Rs.10,000 crore to build 500 hospitals across 50 cities and has raised about $218 million in a seed round led by General Catalyst. PB Fintech chairman Yashish Dahiya has said the venture aims to move away from fee-for-service care toward preventive care, leveraging insurer relationships.
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