Even Secures $50M Series B Led by Khosla Ventures: Transitioning to a Hospital-Led Care Model

India’s healthcare financing and delivery landscape has traditionally suffered from friction between third-party insurance payers and independent hospital networks. Even, a Bengaluru-based managed care startup founded by Mayank Banerjee, Matilde Giglio, and Alessandro Davide Ialongo, is tackling this inefficiency by building an integrated care delivery system.

Reinforcing deep institutional conviction in this provider-backed model, Even has successfully raised $50 million in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave.

The Strategic Pivot: Moving From Insurance to Provider-Led Care

A notable operational shift accompanying this funding round is Even's decision to scale back its traditional insurance business to focus entirely on a proprietary, hospital-led healthcare delivery model. By owning and operating physical care infrastructure, Even eliminates external friction, aligns clinical incentives directly with patient health outcomes, and captures higher margins across the care continuum.

With over 2.5 lakh members across 10 cities already utilizing its network, the startup is pivoting toward heavy physical asset integration.

Expanding the Physical Hospital Footprint

The fresh $50 million capital injection will be deployed primarily to scale Even’s physical hospital infrastructure. The startup plans to add four new hospitals in Bengaluru by the end of FY27, expanding its network beyond the two facilities it currently operates.

Owning localized micro-hospitals allows Even to control operating costs, streamline emergency and outpatient care, and deliver predictable unit economics that traditional asset-light health plans struggle to achieve.

The Managed Care Operator Playbook

Combining managed care membership subscriptions with captive clinical facilities creates a powerful flywheel. Backed by repeat institutional commitments from Khosla Ventures, Even is pioneering a vertically integrated healthcare model tailored for urban Indian consumers.