Bengaluru-based healthcare company Even Healthcare has wrapped up its Series A funding round after raising $30 million (around Rs 250 crore) as it aims to boost its hospital operations.
The funding round was led by existing investor Khosla Ventures and saw participation from Founders Fund, 8VC, and Lachy Groom among others. With the new infusion of capital, Even has raised $50 million to date.
Khosla Ventures has backed the company in all the rounds so far. A spokesperson for the company declined to disclose the amount the Vinod Khosla-led investment firm has invested.
The latest funding comes roughly two years after Even raised $15 million from venture capital firms Alpha Wave and Lightrock.
The managed care provider said the new capital will be used to launch hospital operations and scale patient care and recourse processes. It plans to open three secondary-care hospitals in Bengaluru.
"By bringing hospital operations in-house, Even aims to provide the same control over patient experience it has achieved with outpatient care," the company added.
The company's offerings include free unlimited consultations to its members, diagnostic tests, and cashless hospitalisation through its inhouse clinics. It was founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo.
"Our health plans have grown aggressively in both B2B and B2C segments, with a 95% customer retention rate. This positions us to deliver strong results in the years ahead," said Giglio.
Even aims to simplify healthcare in India which poses unique challenges such as lower penetration of health insurance and fee-for-service care that puts disproportionate financial burden on people.
The company said its workforce has grown by 50% to 300 employees. It claimed that the membership base has grown to "hundreds of thousands".