Even Healthcare Raises $20 Million to Scale Its Full-Stack Managed Care Model
Tue Jan 06 2026
Even Healthcare, a Bengaluru-based integrated healthcare startup, has raised $20 million in a fresh funding round led by Lachy Groom, with participation from Alpha Wave and Sharrp Ventures.
With this round, the company’s total funding has reached $70 million, and its valuation has more than doubled in under a year, reflecting growing investor confidence in its managed-care, full-stack healthcare model.
Building on Strong Series A Momentum
The latest fundraise comes close on the heels of Even Healthcare’s $30 million Series A round in October 2024, led by Khosla Ventures and backed by Founders Fund, 8VC, and Lachy Groom.
The continued participation of Groom and other repeat investors signals strong conviction in:
- Even’s execution speed
- Its hospital economics
- The scalability of its integrated healthcare approach
From Membership Platform to Full-Stack Healthcare
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare initially launched as a membership-based healthcare platform, offering:
- Unlimited doctor consultations
- Diagnostics
- Preventive care
Over time, the company has evolved into a full-stack healthcare provider, integrating:
- Outpatient consultations
- Diagnostics
- Health insurance
- Hospital-based care
A major milestone came in May 2025, when Even opened its first hospital in Bengaluru, marking a strategic shift from coordination-only care to owning clinical delivery.
Hospital Break-Even in Under Six Months
Even Healthcare revealed that its first hospital achieved operating break-even in less than six months — a rare outcome in an industry where hospitals typically take two to three years to stabilise financially.
According to the company, this performance is driven by its managed-care philosophy, which focuses on:
- Early intervention
- Coordinated treatment plans
- Reduced length of hospital stays
- Avoiding unnecessary admissions
“We’re proud of that milestone because it’s fast by hospital standards,” said Mayank Banerjee, Co-founder of Even Healthcare.
“What matters even more is how we got there.”
Investor Confidence in Managed Care
Lachy Groom, who led the round, highlighted Even’s ability to align clinical outcomes with unit economics.
“Managed care works when incentives are aligned around patient recovery,” Groom said.
“Even has shown that this model can scale without compromising quality.”
Investors were particularly encouraged by:
- Early hospital break-even
- Lower avoidable hospitalisations
- Improved care coordination
The ‘Payvider’ Model Explained
Even Healthcare operates as a payvider — a combination of payer (insurance) and provider (care delivery).
Under this model:
- The same organisation manages insurance and treatment
- Medical teams oversee patients end-to-end
- Care decisions are optimised for outcomes, not billable events
According to Even, this approach helps:
- Reduce repeat treatments
- Control costs
- Improve recovery outcomes
- Minimise unnecessary hospital stays
What the New Capital Will Be Used For
The newly raised $20 million will primarily go toward:
- Expanding Even’s hospital footprint in Bengaluru
- Strengthening clinical and operational teams
- Scaling systems to support more members under managed care
Why This Matters
India’s private healthcare system is often criticised for fragmented care, rising costs, and misaligned incentives. Even Healthcare is attempting a structural rethink — borrowing from global managed-care systems while adapting to India’s urban healthcare realities.
If the model continues to show both clinical effectiveness and economic viability, it could influence how future hospitals and insurers are designed.
Final Takeaway
Even Healthcare’s latest $20 million raise is a strong endorsement of its integrated, outcome-driven healthcare model.
With rapid hospital break-even, growing investor backing, and a clear expansion roadmap, Even is positioning itself as a credible alternative to traditional hospital networks — one that prioritises recovery, coordination, and sustainability over volume-driven care.
As India searches for scalable, patient-centric healthcare solutions, Even’s experiment in managed care is one to watch closely.
Tue Jan 06 2026
