Even Healthcare Secures $20 Mn in Funding Led by Khosla Ventures

The round was led by Khosla Ventures and marks a significant financial boost for the company after a funding gap of 20 months.

Even Healthcare, a subscription-based healthcare provider headquartered in Bengaluru, has raised INR 169 Cr (approximately $20 million) in a new funding round.

The round, led by Khosla Ventures, marks a significant financial boost for the startup after a 20-month funding gap.

According to filings with the Registrar of Companies, Even Healthcare’s board approved the issuance of 217,589 preference shares at an issue price of INR 7,762 each to raise the total amount.

Khosla Ventures, a recurring investor in Even Healthcare, led the round with INR 83.4 Cr (about $10 million).

Pathfinder and Mercury Fund also participated, contributing INR 21.3 Cr and INR 26.9 Cr, respectively. Additional investors included Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, and Rainmatter Fintech, collectively making up the remaining amount.

Khosla Ventures' consistent investment in Even Healthcare highlights its continued confidence in its growth potential.

The firm has been involved in every major funding round for Even, leading its Seed and Series B rounds and making significant contributions to its Series A round.

Expansion of ESOP Pool

Alongside the new funding, Even Healthcare has expanded its employee stock option (ESOP) pool. The startup added new options, bringing the total pool size to 135,000.

This move is intended to retain and motivate key employees as the company continues to scale. The ESOP pool, according to estimates by Entrackr, is now valued at approximately $12 million.

With this latest infusion of capital, Even Healthcare’s post-money valuation stands at around INR 753 Cr (roughly $91 million), according to data from startup intelligence platform TheKredible.

This represents significant growth for the company, which has now raised approximately $40 million in total funding.

Even Healthcare offers subscription-based plans that cover diagnostics, consultations, and hospitalization costs up to INR 50 Lakh. The company’s model is distinctive, focusing on partnerships with hospitals that ensure comprehensive care for its members in exchange for a recurring payment.

This approach, according to the company, allows it to offer services that go beyond traditional health insurance, including unlimited outpatient department (OPD) consultations and diagnostics.

The startup was founded in 2020 by cofounders Mayank Banerjee, Matilde Giglio, and Alessandro Lalongo. They have aimed to create a healthcare solution that is more accessible and comprehensive than standard medical insurance. Their offerings include personalized managed care programs and Even cards, which members can use to pay bills at partner hospitals and labs.

In November 2022, Even Healthcare raised $15 million from Alpha Wave and Aspada in a previous funding round. Earlier, in 2021, Khosla Ventures led a seed round that brought in $5 million.