Bangalore-based Even Healthcare, which offers subscription-based healthcare services and insurance, is looking to turn profitable by the end of next year, encouraged by the rising demand for digital healthcare services.
“The business is at a point when we’re on a $10-15 million run rate and I think we are on track to be profitable at some point towards the end of next year,” its co-founder and chief executive officer Mayank Banerjee told FE in an interaction. In the financial year ended March 2022, the company had reported a net loss of `18.7 crores on a revenue from operations of `1.1 crore, as per its RoC filings sourced from Private Circle.
Besides health insurance, Even offers a healthcare subscription of `4,800 per year, which allows users to access their in-house team of doctors for virtual consultations.
It has also started opening in-person clinics in Bengaluru and plans to expand these clinics to 15 cities in the next year and a half.“The insurance add-on with our subscription is generally cheaper, if not the same price, as most existing insurance options out there,” Banerjee said, adding that about 80% of the platform’s subscribers opt for an insurance add-on.
Till date the platform has signed up 50,000 subscribers and is recording a monthly user growth of 10-15%.
The company saw 40% of its user growth last month come from referrals and expects it to be a primary driver for its growth going ahead.
Compared to its peers in the digital healthcare market, Even started operating on its current business model relatively recently.
“The business started about two and a half years ago. We’ve had multiple models, but this latest one has now been about 18 months,” Banerjee added.
The pandemic-driven boom for digital healthcare has crowded the market with players such as Practo, MediBuddy, Apollo 24×7, 1mg, Netmeds, Pharmeasy and more. Most of these platforms offer end-to-end services including online consultations, lab test booking, medicine delivery, and more. So far, Even has raised $20 million in funding from investors such as CRED’s Kunal Shah, Alpha Wave, and Lightrock. Its latest funding round was $15 million last November.