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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.

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

EntrackrEntrackr · 1y 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.

Exclusive: Doceree raises $13.6 Mn from Creaegis

EntrackrEntrackr · 1y ago
Exclusive: Doceree raises $13.6 Mn from Creaegis
Medial

Healthcare startup Doceree has raised Rs 113.5 crore (approximately $13.6 million) from Indian private equity firm Creaegis. The board at Doceree has passed a special resolution to issue 10 equity and 2,4300 CCPS at an issue price of Rs 4,672 per share to raise Rs 113.5 crore, its regulatory filing accessed from the Registrar of Companies shows. Importantly, Doceree has received its investments in its local India entity for the first time. Prior to this round, the company had used its holding entity in the US to receive all fundings. Doceree has raised over $50 million to date including $35 million in its Series B round led by Creaegis. Previously, it raised $11 million in a Series A round led by Eight Road Ventures in 2022. Four-year-old Doceree aims to empower pharmaceutical and life-sciences companies and healthcare media agencies with solutions that reach HCPs (healthcare professionals) on their networks to achieve better patient health outcomes. In May last year, Doceree collaborated with Hello Health Group to foray into eight Southeast Asian countries including Vietnam, Indonesia, Malaysia, Cambodia, Myanmar, Singapore, Philippines and Taiwan. As per startup data intelligence platform TheKredible, Doceree registered 60% surge in its operating revenue to Rs 26.6 crore in FY23 from Rs 16.6 crore in FY22. During the period, its losses increase to only Rs 1.53 crore from Rs 38 lakh. Creaegis closed its maiden fund at about $426 million (Rs 3,500 crore) last year. Its portfolio includes Medikabazaar, Zopper, and Kale Logistics among others. Creaegis also has made its major investments in Third Wave Coffee and Zopper.

Healthify raises $20 Mn, aims for US expansion

EntrackrEntrackr · 1y 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.

Exclusive: Tetr College of Business raises $17.5 Mn in maiden funding round

EntrackrEntrackr · 6d ago
Exclusive: Tetr College of Business raises $17.5 Mn in maiden funding round
Medial

Tetr College of Business, a global business school, has raised Rs 154.33 crore (approximately $17.5 million) in its maiden round of funding from Owl Ventures and Bertelsmann India Investments. The board at Pmmue Eduservices Private Limited (parent company of Tetr) has issued 3,130 Series A compulsory convertible preference shares and 20 equity shares at an issue price of Rs 4.89,348.33 each to raise the above mentioned amount, as per its regulatory filing with the Registrar of Companies (RoC). Owl Ventures led the round with an investment of Rs 88.19 crore ($10 million), while Bertelsmann India Investments followed with Rs 66.14 crore ($7.5 million). According to Entrackr’s estimates, the latest funding valued the company at around Rs 644 crore or $73 million post-money. Founded in 2024 by Pratham Mittal, Tetr College of Business is a global B-school where over 300 undergraduate students from around the world learn business by building real ventures across seven countries including the USA, Italy, Singapore, Brazil, the UAE, India, and Ghana. As part of its four-year bachelor’s program, students gain hands-on entrepreneurial experience while studying at some of the world’s most prestigious academic institutions. In October last year, Tetr College of Business launched a $10 million fund named ‘Tetr Under 20’ to support student entrepreneurs. Led by Manoj Kohli, Viney Sawhney, Pratham Mittal, and others, the fund aims to invest in 20 innovative and sector agnostic ideas across areas such as AI, emerging technology, sustainability, D2C, and healthcare. As of FY24, the company was in the pre-revenue stage and had not reported any operating income. It posted a loss of Rs 70 lakh, primarily due to marketing and employee expenses. Its FY25 data has yet to come.

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