Funding News

Even Healthcare Raised $20 Million Extended Series A — Bengaluru's Managed Care Subscription Platform Is Building India's First Vertically Integrated Hospital Network

By Mustafa Shariff, Editor in Chief · August 27,2026 · 2 mins read

Summary

• Even Healthcare Raises $20 Million: Bengaluru Managed Care Platform Scales Hospital Network — India's HMO Model Takes Shape
• Even Healthcare raised $20M extended Series A (January 2026) from Lachy Groom and Alpha Wave to expand its Bengaluru hospital network — a managed care subscription provider combining unlimited OPD, diagnostics, and cashless hospitalisation through its own clinical team and hospitals.

"The $20 million round is being used to scale Even's hospitals in Bengaluru and deepen our integrated care model. We launched our first hospital in May 2025, and we are now expanding that network. Our members get unlimited consultations, diagnostics and hospitalisation — all covered under a single subscription, delivered through our own clinical team and our own hospitals. This is managed care, India-style."

Even Healthcare, a Bengaluru-based fast-growing managed care provider, raised $20 million in an extended Series A round in January 2026 — led by Lachy Groom and Alpha Wave, with Sharrp Ventures also participating. The raise brings Even's total funding to approximately $80 million and more than doubled the company's valuation over the prior year.
What Even Healthcare Actually Is
Even Healthcare is a managed care subscription company — India's most ambitious attempt at building the HMO (Health Maintenance Organisation) model that defines integrated healthcare in the United States. Members pay a subscription fee and receive: unlimited consultations with Even's in-house clinical team, diagnostic tests, and cashless hospitalisation — all covered under a single annual or monthly plan. The core innovation is vertical integration: Even owns its hospitals, employs its clinical team, and directly controls the patient care experience rather than acting as an insurance layer over third-party providers.
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even launched in Bengaluru and has been expanding systematically. The company launched its first own-operated hospital in Bengaluru in May 2025 — marking its transition from an asset-light membership platform to a vertically integrated care provider. In December 2025, it acquired Altius Sripada Hospitals, accelerating hospital network expansion.
The Numbers
Even currently serves approximately 50,000-60,000 members in Bengaluru and between 200,000-300,000 patients across India through individual and corporate health plans. FY25 revenue was Rs 27 crore (net loss Rs 90 crore — in investment mode). FY26 revenue is projected between Rs 120-130 crore, reflecting rapid growth as hospital operations scale. The company plans to expand its hospital network to 25+ facilities over the following 36 months.
Why the Managed Care Model Matters for India
India's healthcare system suffers from fragmentation: separate GPs, separate diagnostics, separate specialists, separate hospitals — with the patient manually coordinating across all of these. Even's managed care model eliminates this fragmentation for its members: one subscription, one clinical team, one set of facilities. The model has delivered strong retention — Even reports 92% revenue retention — suggesting members find sufficient value to renew. The January 2026 $20 million raise is funding the hospital infrastructure that makes the integrated care promise operationally credible at scale.
BHC Perspective
At Bengaluru Health Community, Even Healthcare is the most ambitious healthcare delivery model experiment currently underway in India. For BHC founders in managed care, hospital operations, or healthcare subscription models — Even's trajectory is the commercial benchmark. For BHC mentors in hospital management and healthcare operations — Even's vertical integration strategy is one of the most consequential healthcare business model bets in India's 2026 startup landscape.
Frequently Asked Questions
Q: What is Even Healthcare?
A: A Bengaluru-based managed care provider offering a healthcare subscription — unlimited consultations, diagnostics, and cashless hospitalisation through its own in-house clinical team and own-operated hospitals. NOT a mental health company. Founded 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo.
Q: What was the January 2026 $20 million round for?
A: Extended Series A led by Lachy Groom and Alpha Wave (Sharrp Ventures participating) to scale Even's hospital network in Bengaluru — building towards 25+ hospitals as part of its vertically integrated managed care model. Total funding ~$80M including Khosla Ventures, Founders Fund, 8VC.
Q: What are Even's key metrics?
A: 50,000-60,000 members in Bengaluru, 200,000-300,000 patients across India. FY26 projected revenue Rs 120-130 crore. 92% revenue retention. First own-operated hospital launched May 2025. Acquired Altius Sripada Hospitals December 2025. Plans 25+ hospitals in 36 months.