Bengaluru-based managed care startup Even Healthcare has raised $50 Mn in a Series B round. Existing investor Khosla Ventures led the round, with Alpha Wave also participating. Even Healthcare will use the money to expand its hospital network in Bengaluru.
The all-equity primary round takes the startup’s total funding past $120 Mn. The company said its valuation tripled since its last fundraise 18 months ago. It did not disclose the latest valuation. It had raised $20 Mn earlier this year.
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From Two Hospitals To Six
Even Healthcare runs two multispeciality hospitals in the city today. One is on Race Course Road and the other is in HBR Layout. The startup plans to open one more hospital by the end of 2026. Three more will follow by the end of FY27. The company will look at other cities only after Bengaluru is well served.
A Model Built Around Salaried Doctors
Even Healthcare was founded in 2020 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo. The company runs an integrated managed care model. It covers preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation and post-discharge recovery.
All doctors at Even Healthcare are on salary. Their pay is not linked to the number of procedures or the revenue they generate. The startup assesses them on patient outcomes, recovery timelines and re-admissions instead.
The Numbers The Startup Tracks
The company uses an AI-based quality system to review cases against clinical protocols in real time. Its Even Spotlight dashboard tracks clinical outcomes and patient-reported metrics. Even Healthcare said unplanned re-admissions in insurance partner programmes stayed below 1%. The industry range is 8% to 15%, according to the company.
Average hospital stays were 40% shorter, Even Healthcare claimed. Proactive care helped more than 200 members avoid hospitalisation and saved an estimated Rs 15 Cr to Rs 16 Cr. Cofounder Mayank Banerjee said 85-90% of members living near a Bengaluru hospital pick the startup for their care.
What Is Next For Even Healthcare
The startup serves more than 2.5 lakh members across 10 cities. Membership tripled in the past year. The hospital push follows a hard reset in August, when Even Healthcare laid off around 350 employees. That cut 30-35% of its workforce as the company scaled back its insurance business. The next test is whether six hospitals can deliver the same outcomes at a lower cost.