Managed healthcare startup Even Healthcare has raised $50 million in a Series B funding round led by US-based Khosla Ventures, with participation from Alpha Wave, a top executive at the company said.
“We have two hospitals running at the moment with a third going up soon,” said co-founder and chief executive Mayank Banerjee in an interview.
Mint was the first to report in July that the at a valuation of around $400 million. With the latest infusion, Even has raised a total of around $136 million.
Non-life insurance premiums, including health coverage, are expected to grow at an annual average rate of 13-15% in the medium term, according to PwC. Rising premiums could make consumers less likely to renew their policies due to affordability concerns. An integrated approach to healthcare is what both corporate hospital groups and startups are betting will reduce friction.
The model has several potential benefits: consumers may seek hospital care less frequently if they fall sick less often, while insurers could see fewer claims and lower payouts. This, in turn, could help ease pressure on premiums.
Hospital expansion
Even will spend most of the money on building more hospitals in Bengaluru. “The vast majority of our investment is going to be spent on hospital expansion,” Banerjee 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, all intended to reduce the need for hospital visits.
The goal is for each hospital to specialize in a particular type of care while still being able to handle 95% of cases, according to Banerjee.
“Angioplasties are extremely common so you’d be able to get them at any of our hospitals, but if you’re doing a specific kind of transplant, we might ask that you come to one of our hospitals. It just might not be right next to your house.”
Banerjee founded Even Healthcare in 2021 alongside Matilde Giglio and Alessandro Ialongo. The company first raised $6.6 million in seed funding in 2021 from .
In FY25, the company’s revenue grew to $3.2 million, up from $1 million a year earlier. Losses widened from $8.7 million to $10.7 million in FY25.
Managed healthcare landscape
Even is not alone in betting on a tie-up between hospitals and insurers. Narayana Health began offering insurance in 2024 after securing approval from the Insurance Regulatory and Development Authority of India (Irdai). Its insurance arm focuses on retail and small-business customers, pairing policies with the group’s clinics and subscription plans.
On its June-quarter earnings call, Narayana Health said its insurance book was still small and that losses had spiked during the quarter owing to a few large claims. Losses in Q1 FY27 stood at ₹20 crore compared to ₹6 crore in the same quarter in the previous fiscal. Net written premium stood at ₹25 crore. The company is using AI to review claims outside its preferred network and bringing more claims review in-house.
PB Health, backed by Policybazaar parent PB Fintech, plans to invest about ₹10,000 crore to build a network of 500 hospitals across 50 cities. Launched in 2025, it has raised about $218 million in a seed round led by General Catalyst and operates two hospitals in the National Capital Region.
PB Fintech chairman Yashish Dahiya said in an interview in September that the venture wants to move away from fee-for-service hospitals, which often mean longer admissions, towards preventive care. It will leverage PB Fintech’s relationships with insurers, with management believing that insurers and hospitals should share aligned financial incentives.