🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture

EntrackrEntrackr · 1y ago
Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture
Medial

Healthcare company Even Healthcare has raised Rs 169 crore (approximately $20 million) in a new round led by Khosla Ventures. The fresh funding for the Bengaluru-based firm has come after a gap of 20 months. The board at Even has passed a resolution to issue 2,17,589 preference shares at an issue price of Rs 7,762 each to raise Rs 169 crore or $20 million, its filing sourced from the Registrar of Companies shows. Khosla Ventures led the round with Rs 83.4 crore or $10 million while Pathfinder and Mercury Fund invested Rs 21.3 crore and 26.9 crore, respectively. Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, Rainmatter fintech, and others cumulatively injected the rest amount. Even Healthcare has also expanded its employee stock option (ESOP) pool, adding new options that bring the total pool size to 1,35,000, according to a separate resolution filed by the company. According to Entrackr’s estimates, its ESOP size is worth $12 million. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 753 crore or $91 million post-allotment. Even offers subscription-based plans to cover diagnostics, consultations, and hospitalization costs of up to Rs 50 lakh. According to the company, it only partners with those hospitals that guarantee the care of its members in exchange for a recurring payment. Launched by Mayank Banerjee, Matilde Giglio and Alessandro Lalongo, Even also offers personalized managed care programs and provides Even cards which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance as it provides unlimited OPD consultations and diagnostics. The company has raised approximately $40 million to date, including $15 million from Alpha Wave and Aspada in November 2022, and an initial $5 million in seed capital led by Khosla Ventures in 2021. Entrackr exclusively reported about its seed funding in July 2021.

1

Related News

Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture

EntrackrEntrackr · 10m ago
Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture
Medial

Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom, among others. This round brings the company’s total funding to $50 million. The new capital will be used to launch hospital operations and scale patient care and resource processes, Even said in a press release. Entrackr had exclusively reported on this round in August. Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial $5 million in seed capital led by Khosla Ventures in 2021. Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment. The platform also offers personalized managed care programs and provides Even cards, which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance by offering unlimited OPD consultations and diagnostics. With a workforce of 300 employees, Even Healthcare claims to have grown its membership base to hundreds of thousands, generating $28 million (more than Rs 230 crore) in revenue 18 months after its commercial launch. Going forward, Even Healthcare plans to open three secondary-care-focused hospitals in Bengaluru. The move aims to reduce hospitalization risks via early risk profiling and managed care. While the healthcare market in India was valued at $372 billion in 2022, growing at a CAGR of 22%, private insurance still covers only a small portion of the population.

Healthify raises $20 Mn, aims for US expansion

EntrackrEntrackr · 10m ago
Healthify raises $20 Mn, aims for US expansion
Medial

Health and fitness platform Healthify (formerly HealthifyMe) has raised $20 million in fresh capital as part of a $45 million equity round. This round was led by Khosla Ventures and LeapFrog Investments, with new participation from Claypond Capital, the family office of Indian healthcare billionaire Dr. Ranjan Pai. In June 2023, Healthify raised $30 million in a pre-Series D round, which included $5 million in venture debt The fresh capital will fuel Healthify’s expansion into the US market and enhance its AI-driven nutrition and fitness coaching capabilities, the company said in a press release. Healthify has raised a total of $125 million in equity financing to date. Prior to this, the company secured $75 million in Series C in July 2021 from Khosla Ventures, LeapFrog Investments, Sistema Asia Fund, and Chiratae Ventures. Launched by Tushar Vashisht, Sachin Shenoy, and Mathew Cherian, Healthify uses a combination of software, wearable devices, and fitness trainers to help people reach their fitness goals. It claims to have served over 40 million users and is expanding its presence across 300 cities in India. According to Healthify, its AI capabilities are being tailored for new markets like the US, with features that accommodate local languages, food preferences, and cultural habits. In addition to its consumer app, Healthify has a B2B vertical focused on corporate wellness, with partnerships in the diagnostics, insurance, and pharmaceutical industries. On the financial front, Healthify’s Indian operations have reached operational profitability, and the company expects to be EBITDA-positive by the end of the fiscal year. While the firm has yet to file its annual report for FY24, it registered Rs 229.71 crore in revenue for FY23 with a Rs 142 crore loss.

Healthcare and insurtech startup FlashAid raises $2.5 Mn

EntrackrEntrackr · 1y ago
Healthcare and insurtech startup FlashAid raises $2.5 Mn
Medial

Healthcare and insurtech firm Flashaid has raised $2.5 million in its pre-Series A funding round led by Piper Serica Angel Fund and global venture capital firm SOSV. Early-stage investors —Z21 Ventures Fund and ZNL Growth Fund also participated in this round. The proceeds will be used for growth and expansion to six new cities, the company said in a press release. Founded by Manoj Gupta and Gunjali Kothari, Flashaid offers a full-stack health solution with proprietary pre-underwritten products, open APIs, and embedded solutions. Formerly known as EasyAspataal, Flashaid is building an API-first health cover to make health insurance affordable and accessible to common people. It is developing a distinctive channel for retail health plan distribution via a B2B2C platform. Over the last year, the firm claims to have partnered with over 20 platforms to distribute 30,000 health covers and is profitable at the EBITDA level. Currently, it has an ARR (annual run rate) of $1 million and is expected to grow to $10 million ARR in the next two years.

abCoffee raises $3.4 Mn in Series A round

EntrackrEntrackr · 1y ago
abCoffee raises $3.4 Mn in Series A round
Medial

Specialty coffee QSR chain abCoffee has raised $3.4 million in its Series A round led by Nexus Venture Partners, with participation from existing investor Tanglin Venture Partners. Earlier to this round, the startup had raised $2 million in its seed round led by Tanglin Venture in September last year. The proceeds will be used to enable abCoffee to ramp up its supply chain and technology stack to bring on-demand coffee beverages at lower prices in quicker time, abCoffee said in a press release. Founded in 2022 by Abhijeet Anand, abCoffee offers a wide variety of freshly brewed coffees at affordable prices and provides all the traditional blends including Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee. The company boasts a customer loyalty rate of 61%, nearly double the industry average, reflecting its commitment to exceptional service with a turn around time (TAT) of 1.5 minutes. Recently, the brand opened 25 outlets across Mumbai and Delhi within a span of 20 months. The brand is targeting 150 stores by end of 2024. Its competitors include Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others.

Download the medial app to read full posts, comements and news.