What Even does

Even (Even Healthcare Pvt Ltd) is an India-based, vertically integrated health-tech "payvider" founded in 2020 in Bengaluru. It operates a single platform that bundles health insurance, unlimited outpatient consultations, free diagnostics, preventive care, and cashless hospitalization — backed by an owned multispecialty hospital (Even Hospital, Race Course Road, Bengaluru), an in-house clinical team, and a 7,500–10,000+ cashless partner-hospital network. Insurance distribution is licensed through wholly-owned subsidiary Euston Insurance Advisors Private Limited, which received IRDAI approval in May 2026 to sell retail (individual and family) health insurance, expanding beyond Even's existing corporate/employer group business under the "Even for Business" brand.

The platform is delivered through an all-in-one mobile and web application that handles appointment booking, doctor chat, electronic medical records, policy management, and cashless claim workflows. Even runs condition-specific programs (Diabetes Care, PCOS/Women's Health), a personalised Health Score derived from diagnostic data, and QRisk3-based cardiovascular risk modelling, while care coordinators automate admission, discharge, and post-discharge workflows. Even maintains a 200,000+ member base across 10 Indian cities, reports 500,000+ clinical events handled, and has cumulatively raised ~$70 million from Khosla Ventures, Founders Fund, Alpha Wave, Lightrock/Aspada, Lachy Groom, and Sharrp Ventures, reaching a ~$91 million valuation in mid-2024 that subsequently more than doubled.

Revenue is generated through four streams: recurring retail health-insurance premiums distributed under the IRDAI licence, recurring managed-care membership subscriptions (including unlimited OPD and diagnostics), multi-year per-employee B2B corporate/employer contracts, and fee-for-service revenue from the owned hospital and clinical operations. Even also maintains an early international footprint in Abu Dhabi, signalling intent to extend the payvider model into the Gulf.

Name

Even

Legal name

Even Healthcare Pvt Ltd

Website

https://even.in

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

251–500 employees

Short description

Even (Even Healthcare) is an India-based vertically integrated payvider that bundles IRDAI-licensed health insurance, unlimited OPD consultations, free diagnostics, and cashless hospitalization through an owned hospital, partner network, and all-in-one app serving 200,000+ members across 10 cities.

Ownership category

akta.pro rank

Product category

Managed Healthcare & Health Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Services-Home Health Care Services (8082)

akta.pro primary industry

Individual/Retail Critical Illness & Hospital Indemnity (FSAIAKAE)

akta.pro secondary industries

Membership/Subscription Concierge Virtual Care (HLALAAAH), Benefits, Insurance & Long-Term Care Planning Navigation (Medicare/Medicaid/LTC) (HLADALAI)

Keywords

• Health insurance distribution
• Managed care services
• Outpatient diagnostics
• Corporate health benefits
• Healthcare membership programs

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Insurance premiums (retail): Recurring annual premiums from individual/family health-insurance policies (up to ₹1 crore hospitalization cover and ₹10 lakh OPD cover) underwritten and distributed through IRDAI-licensed subsidiary Euston Insurance Advisors Private Limited.
2. Managed-care memberships: Recurring subscription/membership fees that bundle unlimited OPD consultations, diagnostics, and preventive care into the policy offering — a value-add upsell layered on top of pure insurance.
3. Group/corporate plans: B2B employer-sponsored managed-care contracts sold as an employee benefit; revenue is typically multi-year and per-employee.
4. Hospital & clinical services: Fee-for-service revenue from Even's owned hospital (Race Course Road, Bengaluru) and partner clinical operations, including outpatient visits, surgeries, and ancillary services.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

Even operates a vertically integrated managed-care platform in India that combines IRDAI-licensed health insurance (up to ₹1 crore hospitalisation cover and ₹10 lakh OPD cover, distributed through wholly-owned subsidiary Euston Insurance Advisors Private Limited) with a managed-care membership offering unlimited doctor consultations, free diagnostic tests, and preventive care programs. The company also owns and operates a multispecialty hospital (Even Hospital, Race Course Road, Bengaluru) under Balloon Healthcare Private Limited and sells corporate managed-care plans (Even for Business) to Indian employers as an employee benefit.

Product overview

Even operates as a vertically integrated managed-care platform in India that combines insurance, OPD membership, diagnostics, and an owned hospital under a single 'payvider' model. The core product is the Even health-cover membership (offered both as a corporate managed-care plan via Even for Business and, since May 2026, as a retail IRDAI-approved plan via subsidiary Euston Insurance Advisors Pvt. Ltd.), supported by the Even patient mobile/web app, the newly launched Even Hospital on Race Course Road in Bengaluru (operated under Balloon Healthcare Private Limited), and managed-care programs for chronic conditions such as diabetes and PCOS. Together these elements replace the prior membership + partner-hospital model with full-stack care delivery, cashless hospitalisation, unlimited OPD, free diagnostics, and dedicated care coordinators.

Differentiator

Problem solved

Functional benefit

Brands

• Even Healthcare: Parent healthtech brand offering managed care membership programs and hospital network services in India.
• Even Hospital
• Even for Business

Products and services

• Even Health Insurance / Even Health Plans IRDAI-licensed health insurance plans offered through Euston Insurance Advisors Private Limited (a wholly-owned subsidiary of Even). Plans include up to ₹1 crore hospitalisation cover, ₹10 lakh OPD cover, family floater options, tax savings under Section 80D, AYUSH treatment cover, maternity add-ons, and access to 10,000+ hospitals network. Targeted at Indian individuals, families, and employer groups seeking transparent, broker-free insurance.
• Even Membership (Even Plus) Monthly subscription offering unlimited doctor consultations, free diagnostic tests, guided care plans, preventive health check-ups, and optional cashless health insurance. Targeted at Indian individuals and families seeking a managed-care experience that goes beyond a traditional insurance policy.
• Even Hospital (Race Course Road, Bengaluru) Even's first owned multispecialty hospital at 29/2 Race Course Road, Madhava Nagar, Gandhi Nagar, Bengaluru, operated under Balloon Healthcare Private Limited. Provides specialities including Dermatology, Plastic Surgery, General Surgery, General Physician, Cardiology (Non-interventional), Neurosurgery, OB/GYN, and ENT, supported by 24x7 care managers and care coordinators. Cashless for in-network members.
• Even for Business (Managed Care corporate plans) Corporate managed-care plans for Indian businesses, including coordination of on-site health camps, clinic appointments, Form-VIII documentation, and confidential results delivery — used as the compliance solution for the OSHWC Code 2020 mandatory annual check-up for employees over 40. Targeted at employer HR/benefits teams on multi-year per-employee contracts.
• Even patient mobile / web app All-in-one app powering Even's care experience: book hospital/clinic appointments, view diagnostic reports, chat with the on-call doctor, manage aftercare, request nurse or help-desk assistance, and message dedicated care coordinators. Used by both Even Membership and Even Hospital members.
• Even Diabetes Care Program Condition-specific managed-care program covering annual diabetes screening, in-house dietitian support for low-GI diet plans, and GP access 7 days a week, integrated with the Even Hospital in Bangalore for in-person diabetes care.
• Even PCOS / Women's Health Program Annual PCOS monitoring (blood pressure, diabetes screening), access to in-house dietitian for personalised diet plans, GP support 7 days a week, and mental-health support from Even's clinical psychologists for symptoms such as anxiety, depression, and body image.
• Even Health Score & Full-Body Health Check-up Personalised, comprehensive lab-based health check-up that screens for co-morbidities and assigns each member a quantitative Health Score with clear risk flags; historically offered at a promotional Re. 1 price.

Quantifiable outcome

• 97% patient satisfaction
• +5 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability6 records

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship and minor.

• Euston Insurance Advisors Private LimitedflagshipStrategic or Co-development PartnerWholly-owned subsidiary holding Even's IRDAI insurance distribution licence; the structural vehicle through which Even underwrites and distributes its own health-insurance products.
• Balloon Healthcare Private LimitedflagshipStrategic or Co-development PartnerBalloon Healthcare Private Limited is the corporate entity behind Even's headquarters (Indiranagar, Bengaluru) and the operational vehicle for Even's owned clinical and hospital operations.
• Cashless hospital network (7,500–10,000+ partner hospitals)flagshipChannel Partner/ Reseller/ DistributorNetwork of 7,500+ (referenced up to 10,000+) third-party partner hospitals that deliver cashless hospitalization services to Even members, forming the operational backbone of the insurance product.
• Narayana HealthminorStrategic or Co-development PartnerNarayana Health is referenced alongside Even in the context of managed-care / hospital partnerships in India.
• PB HealthminorStrategic or Co-development PartnerPB Health is referenced in conjunction with Even in the managed-care / hospital ecosystem.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Plum: Indian insuretech focused on employee group health benefits — directly comparable to Even's B2B corporate plans (Even for Business) and competes for the same employer wallet with digital-first distribution.
• Acko: India's largest digital-native insurer offering health, motor and life products via IRDAI-licensed entities — competes head-on with Even's retail and group health-insurance plans.
• MediBuddy: Digital health platform offering doctor consultations, lab tests and corporate health benefits — overlaps with Even's OPD membership, diagnostics and B2B benefit offering.

Broad incumbents

• Star Health and Allied Insurance: India's largest standalone health insurer with extensive retail and group presence — broad incumbent competing with Even's newly launched IRDAI-approved retail products.
• Care Health Insurance (Religare Health): Established health-insurance specialist competing across retail and group segments; overlaps with Even's hospitalization cover and product design.
• Apollo Hospitals: India's largest hospital chain with insurance-adjacent products; relevant to Even as a vertically integrated benchmark and as a partner/competitor for inpatient capacity.
• Narayana Health: Multispecialty hospital chain explicitly referenced as a strategic partner of Even — directly comparable as an affordable-care hospital operator competing for similar patient segments.

Emerging players

• Practo: Digital healthcare platform for consultations, bookings and records — comparable to Even's app experience but without the insurance/hospital verticals.
• PB Health (PolicyBazaar): Insurance marketplace and PB Health initiative — referenced in Even's ecosystem and a partial competitor as a distribution channel for retail health-insurance.
• MFine: AI-driven digital health and consultation platform with hospital partnerships — adjacent to Even's OPD and diagnostics subscription offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/even_healthcare
• Facebookfacebook.com/EvenHealthcare
• LinkedInin.linkedin.com/company/even-healthcare
• Instagraminstagram.com/even.in

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Even