Even Healthcare, an Indian "healthcare membership" company, landed new financial support in the form of $15 million to further drive its mission of providing affordable care to communities across India.
Even isn't insurance, but allows members to access primary and preventative care at any of over 100 partnered hospitals. Typically, the way Indians access healthcare is through emergency services as opposed to the preventative care model followed in Western countries. They most often pay for services out of pocket, but Even provides what it describes as a more affordable, comprehensive care model. The company said last year when they last raised money that less than 5% of the Indian population has insurance, and plans that do exist mainly cover emergency services.
“For us, Even is about giving members access to complete healthcare and building trust like a family doctor,” said co-founder Matilde Giglio. “Right from preventive care to diagnostics to hospitalization, our members will be assured of our support throughout their healthcare journey.”
Depending on a user's financial capabilities, there are three plans they can choose from. The cheapest is ₹ 40 per month ($0.50 USD) which includes unlimited consultations and a care team, but according to the company is meant for individuals looking to still pay for some services out of pocket. The plan gives users a glimpse at the care provided to then transition individuals to the second tier plan, Even Lite. Even Lite costs users ₹ 320 ($4 USD) per month and includes tests, consultations and a care team. For ₹ 528 ($6.54 USD) per month care becomes more comprehensive, including COVID-19-specific services, emergency care across India and cashless hospitalization.
The company’s standard pricing is for individuals, but it does have group plans for companies and groups.
Even currently has 20,000 active members and has partnered with over 100 hospitals since its launch in 2020. Just a year ago the company had 5,000 on a waitlist.
The Bangalore-based company asks new users to talk to a doctor to collect health information and assess risk for underlying conditions. According to Giglio, conditions like diabetes, high cholesterol, high BP and obesity are common in India, but often go uncontrolled due to a lack of primary care. The company claims half their new users learned they suffered from diabetes during the onboarding process.
The new capital raised comes from Alpha Wave and Aspada (Lightrock). They are joining existing investors Khosla Ventures, Founders Fund, Lachy Groom, Palo Alto Networks CEO Nikesh Arora, CRED CEO Kunal Shah and DST Global partner Tom Stafford. Even first raised a $5 million seed round in 2021 led by Khosla Ventures.
This round’s funds will be used to expand its clinical team and scale preventive care in conditions like diabetes, PCOS (polycystic ovary syndrome) and obesity.