PE: Even Healthcare raises $ 30 Million in Series A funding round

by | Nov 15, 2024 | Insights | 0 comments

PE: Even Healthcare raises $ 30 Million in Series A funding round from Khosla Ventures

Transaction:

  • Bengaluru-based startup Even Healthcare, has raised $30 million (about Rs 252 Crore) in series A funding round led by Silicon Valley-based Khosla Ventures, along with participation from Founders Fund, 8VC and Lachy Groom among others.

About Even Healthcare Private Limited:

  • Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, the company operates as a managed care provider, offering members comprehensive healthcare services, including unlimited consultations, diagnostic tests, and cashless hospitalization.
  • Even is a healthcare provider that offers 24/7, unlimited consultations with in-house clinical and wellness team to offer episodic care, lifestyle care and managed care to keep members healthy and out of hospitals. Members can access these services online (pan-India) or by visiting Even Clinics in Bengaluru.
  • Members can also add optional OP group insurance (for external consultations and tests/scans) and IP group insurance (DayCare, 24-hour hospitalisation, emergencies) on top of their Even Care plan. These services are offered through Even’s insurance partner, Magma HDI.
  • These services are provided through its in-house clinical team, owned and partner clinics, as well as insurance partners.
  • The company currently has around 300 employees, with clients across India. The company is focusing on metro cities and tier-2 cities. “Delhi, Mumbai, Hyderabad and Pune are their main centres, apart from Bangalore itself.
  • Even Healthcare is planning to open three hospitals in Bengaluru focused on secondary care.

About Khosla Ventures:

  • Founded in 2004 by Vinod Khosla, a former general partner of Kleiner Perkins. Khosla Ventures is a private American venture capital firm based in Menlo Park, California.
  • It is known for making early capital investments in startups such as Impossible Foods, Instacart, Affirm, DoorDash Square and OpenAI.

Rationale:

  • The funds will be used to launch hospital operations in Bengaluru and scale up patient care & recourse processes. This round brings the company’s funding till date to $50 million with $ 5 million in 2021, followed by a $15 million round in November 2022.
  • As per startup data intelligence platform TheKredible, the company has been valued at around Rs 753 Crore or $91 million post-funding.
  • In FY 2023-24, the startup reported $9 million in revenue and expects to achieve cumulative turnover of $35 million by the end of FY 2025, with its current run rate already at $28 million.
  • The development comes at a time when the Indian healthcare startup landscape is getting investors’ attention. For instance, healthcare financing startup HealthCRED raised $1.2 Mn in a seed funding round co-led by venture capital firms Antler India, TRTL VC and iSeedVC in August, whereas, healthcare startup Jivi AI raised funds from AI Fund, a venture studio.

Acknowledgements: 

RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)

Disclaimer:

This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.