Even Healthcare raises $20 million from Lachy Groom, others

Bengaluru-based Even Healthcare, a managed-care startup has raised $20 million in fresh funding from Lachy Groom and Alpha Wave with participation from Sharrp Ventures.

With this round, the company has now raised a total of USD 70 million, and its valuation has more than doubled in under a year.

The company earlier raised USD 30 million in a Series A round in October 2024, led by Khosla Ventures, with support from Founders Fund, 8VC, and Lachy Groom.

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The funds will be used to expand Even’s hospitals in Bengaluru, where it opened its first facility in May 2025. This move marks a shift from a membership-based healthcare platform to a fully integrated provider offering outpatient care, diagnostics, and hospital services.

Along with the funding news, Even said its first hospital reached operating break-even in less than six months—much faster than usual in an industry where new hospitals often take years to become profitable. The company said this was due to its managed-care model, which focuses on early treatment, coordinated care, and shorter hospital stays instead of filling beds.

Mayank Banerjee, co-founder of Even Healthcare, said, "We're proud of that milestone because it's fast by hospital standards – many hospitals take 2 to 3 years to reach operating break-even. What matters even more is how we got there."

Lachy Groom, cofounder of Physical Intelligence, said, "Even is demonstrating something rare in healthcare: strong clinical outcomes alongside early unit level profitability. Managed care works when incentives are aligned around patient recovery and Even has shown that this model can scale without compromising quality. Their ability to reach break-even in under six months while reducing avoidable hospitalisations gives us confidence that this is a business worth doubling down on.”

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Founded in 2020 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo, Even Healthcare offers its members unlimited free consultations, diagnostic tests, and other medical services through its own clinics, partner clinics, and insurance partners.

The company follows a “payvider” model, combining insurance and healthcare delivery. Its care teams manage patients through the entire treatment journey from consultations and tests to hospital care and recovery at home. Even says this approach helps cut unnecessary hospital visits and repeat treatments while keeping costs under control and improving patient outcomes.

Even said in a statement that over the past 12 months, the startup has improved both clinical outcomes and operations. It reported a 50% drop in post-surgery readmissions, more than 5,000 OPD visits, avoided over 200 hospitalisations through monitored at-home recovery, and reduced the average hospital stay by 40%. 

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