Funding News

Even Healthcare Raises $50M Series B to Build Bengaluru's First Full-Stack Managed Care Hospital Network

By Mustafa Shariff, Editor in Chief · October 21,2026 · 2 mins read

Mustafa Shariff, Editor in Chief — Even Healthcare Raises $50M Series B to Build Bengaluru's First Full-Stack Managed Care Hospital Network

Summary

  • Even Healthcare raises $50M Series B led by Khosla Ventures to expand managed care hospitals in Bengaluru
  • Bengaluru managed care startup Even Healthcare has raised $50M in a Series B round led by existing investor Khosla Ventures, with Alpha Wave participating. The funding will expand its hospital network from two to six facilities in Bengaluru by end of FY27.

"We want to make sure that Bengaluru patients and members are pretty well served — one hospital at a time, until we've built the network this city deserves."

Even Healthcare was founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo as a response to one of India's most persistent healthcare problems: fragmentation. Most patients in Indian metros must navigate between a primary care doctor, a diagnostic lab, an insurance desk, a specialist, and a hospital — each operating independently, with no shared records, no shared accountability, and no continuity. Even was built to collapse that fragmentation into a single enrolled membership model: one monthly payment, one record, and one care team spanning telemedicine consultations, at-home diagnostics, insurance access, and hospitalisation. Its current footprint includes two multispecialty hospitals in Bengaluru — on Race Course Road and in HBR Layout — along with a network of at-home blood testing and primary care services.
The $50M Series B — Round Details
The $50M all-equity primary round was led by Khosla Ventures, an existing investor that has backed Even since its earliest stages. Alpha Wave also participated. The round brings Even's total funding to over $120M across its lifetime and follows a $20M raise earlier in 2026. The company said its valuation has tripled since its previous fundraise 18 months ago — though an absolute valuation figure was not disclosed. The round being entirely primary (no secondary sales) means all capital goes to the company's operations and expansion rather than to existing shareholder liquidity.
From Two Hospitals to Six — Expansion Plan
The proceeds will be used almost entirely on physical infrastructure. Even plans to open one additional multispecialty hospital in Bengaluru before the end of calendar 2026, followed by three more by the close of FY27. That would bring its Bengaluru hospital network to six facilities over roughly the next 18 months, giving the company geographic coverage across the city before it considers other metros. Co-founder Mayank Banerjee described the approach as methodical: ensure Bengaluru is "pretty well served" before spreading to other cities. The company has not announced which locations the new hospitals will be in, but the Hospital network expansion will likely track where its membership base is densest.
The Rebound After Layoffs
This funding round comes roughly two months after reports in August 2026 that Even laid off approximately 350 employees — about 30–35% of its workforce — as it scaled back its standalone insurance business and pivoted decisively toward a hospital-led model. The strategic shift reflects a broader reckoning in Indian health insurance: selling insurance products digitally is competitive and high-churn without the clinical touchpoints to drive engagement and retention. Even's decision to anchor its model on hospitals it owns and operates — where it controls the patient experience end-to-end — is a bet that the managed care model only works at scale if the care delivery infrastructure is also proprietary. The $50M raise, at a tripled valuation despite the layoffs, suggests investors agree.
The Managed Care Model — India vs the World
Managed care as a concept is not new. In the US, Kaiser Permanente built an integrated insurer-hospital model that has endured for 80 years and now serves 12+ million members. In India, the attempt to replicate this has historically failed at the insurance layer — regulatory constraints, adverse selection, and the low willingness-to-pay among the middle class for pure insurance products have undermined many entrants. What Even has changed is the entry point: it leads with the hospital and the clinical experience, and layers insurance access as a benefit of membership rather than selling insurance first. This inverts the traditional model and may prove more durable, because the clinical quality of its hospitals is what drives membership growth, not the pricing of the insurance product.
BHC Perspective: What This Means for Bengaluru's Health Ecosystem
Bengaluru has one of India's highest concentrations of private hospital infrastructure — Manipal, Fortis, Apollo, Sakra, HCG, and dozens of mid-size hospitals serve a large and medically educated population. But for a patient without a referral network, navigating this system remains opaque and expensive. Even's managed care model — if it can maintain clinical quality across six hospitals while controlling costs — offers something most Indian health systems do not: a predictable, accountable care experience from first consultation to discharge. For the BHC community, Even's expansion will be worth watching not just as a funding story but as a test case for whether integrated, tech-enabled managed care can work at meaningful scale in India.
Frequently Asked Questions
Q: What does Even Healthcare's membership model include?
A: Even's membership covers telemedicine consultations, at-home blood tests, specialist referrals, access to its own multispecialty hospitals, and cashless hospitalisation through its insurance partners. Members pay a monthly fee and can access the full care continuum through the Even app and its physical facilities. The company handles coordination between services so members do not have to navigate separately between providers.
Q: How is Even Healthcare different from Practo or Tata 1mg?
A: Practo and 1mg are primarily digital health marketplaces — they connect patients to doctors, labs, and pharmacies but do not own or operate clinical facilities. Even Healthcare owns and operates its own hospitals and runs a membership model with integrated insurance access. The clinical infrastructure is proprietary, which allows Even to control quality and cost in ways a marketplace model cannot. It is closer to a miniature Kaiser Permanente than to a Practo.
Q: What happened with Even Healthcare's layoffs in August 2026?
A: Even laid off approximately 350 employees — roughly 30–35% of its workforce — in August 2026. The layoffs were tied to a strategic pivot: the company wound down parts of its standalone insurance business, which required a large sales and operations team, and shifted focus to its hospital-led managed care model. The $50M Series B raise at a tripled valuation since the previous round suggests that investors view the leaner, hospital-centric model as more viable than the earlier broader strategy.
Q: Who are the investors in Even Healthcare, and what does Khosla Ventures' continued backing signal?
A: Khosla Ventures is Even's lead investor in this Series B and has backed the company since its early rounds. Khosla is known for high-conviction, long-term bets in deeptech and health — its portfolio includes companies like DoorDash, OpenAI, and Okta. Alpha Wave, a global growth investment firm with significant India exposure, also participated. Khosla leading the round despite the August layoffs signals that it views the pivot to hospital-led managed care as strategically correct, not a setback.