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Startup Deep Dive : Even Healthcare — It built its name keeping people out of hospitals, then bought one

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The Invincible India Startup Deep Dive featured graphic for Even Healthcare.

Even Healthcare has raised more than $90 million since 2020 to sell Indians on a health membership instead of a hospital bill — and in August 2026 it cut roughly a third of its own staff to keep that pitch alive. The company built its reputation on keeping people out of hospitals; today it owns one.

Its first hospital, a 70-bed facility in Bengaluru, reached operating break-even in under six months of opening in May 2025, a timeline well ahead of the two-to-three-year norm for Indian hospitals. But the membership business underneath it lost close to Rs 90 crore in the same year it booked barely Rs 25 crore of revenue — numbers that explain both the confidence behind Even’s newest Rs 208 crore funding round and the layoffs that followed weeks later.

Quick facts

Company Even Healthcare (Even Healthcare Private Limited)
Founded 2020; became operational February 2021 and launched publicly in June 2021, Bengaluru
Founder(s) Mayank Banerjee (CEO), Matilde Giglio (COO), Alessandro Ialongo (CTO)
Businesses Individual health memberships, corporate wellness contracts, owned clinics and a hospital, a partner-hospital network, and optional cashless hospitalisation insurance
Latest FY revenue Rs 25.43 crore (about $2.6 million) in FY25, up from Rs 6.24 crore in FY24 (Entrackr, August 2026)
Latest FY profit/loss Net loss of Rs 90.15 crore in FY25 (Entrackr) — Inc42 reported Rs 83 crore for the same year — widened from about Rs 72.4 crore in FY24
Listed Private
Market value / last valuation About $300 million after its Series B closed in August 2026 (Entrackr; Ascendants.in)
Key shareholders Khosla Ventures, Founders Fund, Lachy Groom, Alpha Wave, 8VC, DLB Ventures, Simon Fiduciaria

What they do

Even sells a membership that is meant to replace the trip-to-the-doctor-only-when-sick habit most Indians have, not because they want to, but because primary care has historically sat outside what health insurance covers. A member pays an annual or monthly fee for unlimited primary-care consultations, discounted diagnostics, chronic-condition management for things like diabetes and hypertension, and 24/7 doctor access through Even’s app; some plans bundle optional cashless hospitalisation cover on top (TechCrunch, July 2021; Healthcare Executive, April 2025). The company delivers this through a mix of its own clinics, a network of roughly 100 partner hospitals, and, since 2025, its own owned hospital in Bengaluru (eHealth, October 2024; Wikipedia). Its customers are split between individuals who sign up directly and employers who buy the same coverage as a workplace benefit for staff (eHealth, October 2024).

The origin

Mayank Banerjee has said the idea traces back to watching a relative go through cancer treatment and the financial strain that followed, a strain that had little to do with whether the family had insurance and everything to do with what that insurance did not cover (BusinessToday, January 2024). Before Even, Banerjee and Matilde Giglio had run an earlier venture together; TechCrunch reported in July 2021 that it was while working on that business that the two began noticing how complicated Indian health insurance was, and how thin the coverage was for the everyday, preventable stuff — a check-up, a blood test, a repeat prescription — that keeps people out of hospital in the first place. Together with Alessandro Ialongo, they founded Even in 2020, choosing the name as a statement about wanting healthcare that did not depend on how much a family already had. The company went live in June 2021 with a waitlist of more than 5,000 people already signed up (TechCrunch, July 2021).

The struggle years

The first stress test came fast. Even closed its $5 million seed round in 2021, but by November 2022 — not even 18 months later — it needed a further $15 million from Alpha Wave Global and Aspada just to keep expanding its clinical team and preventive-care programmes (TechCrunch, November 2022). At the time it had 20,000 active paying members, a modest number for a company that had by then raised $20 million in total (TechCrunch, November 2022). Membership pricing that year ranged as low as roughly Rs 40 a month, which meant scale alone was never going to fund the business; it needed either far more members or a different model.

The second, sharper struggle came from the accounts rather than the market. By FY24 — four years after founding — Even’s revenue from operations was just Rs 6.24 crore, against a net loss of about Rs 72.4 crore (Entrackr, August 2026). That gap between headline ambition and booked revenue was easy to miss because the company was also telling press a much larger number: eHealth reported in October 2024 that Even’s FY24 run-rate was about $9 million (roughly Rs 75 crore annualised) and that it was tracking towards a $28 million run-rate and a projected $35 million in FY25. Two years on, the audited FY25 revenue from operations came in at Rs 25.43 crore — a real, four-fold jump on FY24, but nowhere near the run-rate figures the company had been citing (Entrackr, August 2026). The clearest sign that the model was not yet working came in August 2026, when Even laid off about 350 people — 30 to 35% of its Bengaluru workforce — and said it was phasing down its insurance business altogether to redirect resources into hospitals (Entrackr; Inc42, August 2026).

The turning point

For four years, Even’s entire pitch rested on staying asset-light: an app, a membership fee, a network of partner hospitals it did not own. That model produced hundreds of thousands of members and a lot of press, but also years of losses that ran several times revenue. The turning point was the decision to stop being asset-light. In May 2025, Even opened its first hospital: a 70-bed multi-speciality facility in Bengaluru, staffed by salaried doctors whose pay is tied to patient outcomes rather than the number of procedures they perform (BusinessToday, May 2025). The company said the same month that it planned to build 25 such hospitals within three years (BusinessToday, May 2025).

The numbers on either side of that bet are stark. Before it: a membership business that lost roughly Rs 72–90 crore a year without ever owning a bed. After it: the single Bengaluru hospital reached operating break-even in under six months, a timeline the company contrasted with the two-to-three-year break-even that is typical for Indian hospitals, alongside clinical results such as zero unplanned 30-day readmissions across more than 350 tracked surgeries and hospital stays that ran at least 40% shorter than comparable settings (BusinessToday, January 2026). That early proof point is what Even used to justify raising fresh capital twice in eight months — and it is also what a capital-intensive, hospital-owning strategy now has to keep delivering.

The money behind it

What each backer changed: Khosla Ventures has anchored every priced round from seed through Series B, giving Even continuity of capital through two strategic pivots (TechCrunch, 2021; Entrackr, 2026). Alpha Wave and Aspada supplied the 2022 bridge that kept the original membership model funded past its first cash crunch. Lachy Groom and Sharrp Ventures backed the January 2026 round that financed the shift into owned hospitals — the bet the company is still working through.

How it makes money

On costs, Even’s doctors are salaried rather than paid per consultation or procedure, and their performance is measured on clinical outcomes — readmissions avoided, conditions controlled — rather than volumes billed (BusinessToday, May 2025). Diagnostics are sourced from partner labs at negotiated rates the company says run up to 50% below open-market prices (BusinessToday, May 2025). The part outsiders tend to get wrong is scale: press coverage has repeatedly cited Even’s self-reported revenue run-rate — as high as $28–35 million in late 2024 (eHealth, October 2024) — which sits far above the revenue the company actually recognises in its regulatory filings, Rs 6.24 crore in FY24 rising to Rs 25.43 crore in FY25 (Entrackr, August 2026). The gap is best read as the difference between membership collections or annualised run-rate and audited profit-and-loss revenue, not as a contradiction to be resolved in either direction.

The numbers

Fiscal year Revenue from operations (₹ crore) Net loss (₹ crore)
FY24 (year to March 2024) 6.24 72.40
FY25 (year to March 2025) 25.43 90.15

Figures are as reported by Entrackr in August 2026, citing Even’s regulatory filings. Inc42, reporting the same two years in August 2026, gave slightly rounded variants — about Rs 8 crore and Rs 25 crore of revenue, and losses of about Rs 72 crore and Rs 83 crore — which is within the normal range of variance between outlets reading the same filings rather than a genuine conflict. Public filings for FY23 or earlier were not found in the sources reviewed for this piece and have been left out rather than estimated.

Where the money comes from

The surprise is in the arithmetic between two separately reported figures. Healthcare Executive reported in April 2025 that Even had more than 400,000 members; at the standard Rs 4,800 annual fee reported in the same piece, that base would imply collections approaching Rs 190 crore a year. Actual revenue from operations booked in FY25 was Rs 25.43 crore (Entrackr, August 2026) — a fraction of what the member count and headline price would suggest. The difference likely reflects free or discounted tiers, partial-year and lapsed cohorts, and corporate contracts priced well below the retail rate, rather than any single figure being wrong; it is simply a reminder that a membership count is not a revenue number.

The risks

The takeaway

Even spent four years proving that Indians would pay for a health membership; hundreds of thousands did. What it could not prove, on the same asset-light model, was that a membership fee and a discount network could bend the actual cost of care. The lesson generalises past healthcare: signing up users is not the same as owning the unit economics that make each user profitable, and when the two diverge for long enough, the fix is rarely a better app — it is control of the underlying asset, with all the capital and risk that comes with owning it.

Frequently asked questions

What does Even Healthcare do?

Even sells health memberships that cover unlimited primary care, diagnostics and chronic-condition management, delivered through its own clinics, a network of roughly 100 partner hospitals, and, since May 2025, its own owned hospital in Bengaluru (TechCrunch, 2021; eHealth, October 2024; BusinessToday, May 2025).

Who founded Even Healthcare, and when?

Mayank Banerjee, Matilde Giglio and Alessandro Ialongo founded Even in 2020; it became operational in February 2021 and launched publicly that June (Wikipedia; TechCrunch, July 2021).

How much funding has Even Healthcare raised?

More than $90 million since inception as of August 2026, across a $5 million seed (2021), a $15 million bridge (2022), a $50 million Series A (2024), a $20 million Series A extension (January 2026) and a Rs 208.24 crore Series B (August 2026) that valued the company at about $300 million (Inc42; Entrackr, August 2026).

Is Even Healthcare profitable?

No. It reported a net loss of Rs 90.15 crore in FY25 on revenue from operations of Rs 25.43 crore, according to Entrackr (August 2026); Inc42 reported a Rs 83 crore loss for the same year. Its first owned hospital, however, reported reaching operating break-even within six months of its May 2025 opening (BusinessToday, January 2026).

Why did Even Healthcare lay off staff in 2026?

In August 2026, Even cut about 350 roles — 30 to 35% of its Bengaluru workforce — saying it was phasing down its insurance business and redirecting resources towards its hospital-led model, days after closing part of a Rs 208.24 crore Series B round (Entrackr; Inc42, August 2026).

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

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