Even Healthcare raising $50 million in fresh equity led by Khosla Ventures

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Subscription-based health and insurance platform Even Healthcare is raising a fresh equity of $50 million from its existing investors, potentially valuing it at around $300 million, according to three people familiar with the matter.

“Khosla Ventures is leading the round and is expected to put in $30 million,” said the first of the three persons cited above, all speaking on condition of anonymity as the discussions are private. “The balance is coming from other existing investors.”

The San Francisco-based venture fund has been on Even's cap table since it invested in the startup's $5 million seed round back in 2021. According to startup intelligence platform Tracxn, the VC firm holds a 10.4% stake in the company, which allows individuals to pay a fixed monthly or annual subscription fee to access a defined set of healthcare services such as doctor visits, diagnostic tests, and specialist consultations.

Even Healthcare's fresh round comes barely six months after it raised $20 million in January led by former Stripe executive and Physical Intelligence co-founder Lachy Groom as well as global alternative asset manager Alpha Wave Global. The startup currently runs one hospital and two clinics out of Bengaluru and in February told Mint it had plans to have six more hospitals operational by the end of 2026.

“Existing investors have all re-invested in the current round. The company is in the process of closing the round, which is expected to take a few weeks or so,” said the second person cited earlier. “Even's valuation now stands at around $300 million.”

Investors valued the company at $153 million when the company raised its $20 million round back in January, according to startup intelligence platform Tracxn.

Queries emailed to Even remained unanswered till press time.

Even's cap table consists mostly of US and UK-based investors including marquee firms like Lightrock, Khosla Ventures, Alpha Wave, and Peter Thiel's Founder's Fund. The sole exception is Marico's chairman Harsh Mariwala's family office Sharrp Ventures.

Even's co-founders Mayank Banerjee, Alessandro Ialongo and Matilde Giglio currently hold a cumulative 38.85% stake, as per the last round, while 48.05% is held by the Bengaluru-based company's various investors. Lightrock is the largest shareholder, owning 15.67% of Even Healthcare, according to Tracxn.

The balance is held by enterprise investors, angel investors and company employees in stock options.

The company's revenue stood ₹27.2 crore in FY25, up from ₹8.3 crore in FY24. However, losses spiked as well, jumping to ₹90.2 crore in FY25, from ₹72.4 crore in FY24.

While insurance penetration in India continues to grow, healthcare insurance remains low, with only 29.8% of women and 33.3% of men aged 15–49 covered, according to a Lancet study.

Notably, however, it is the fastest-growing insurance segment despite rising costs. Health insurance is expected to grow at a compounded annual rate of 12.8% between 2024 and 2028, according to PwC.

Even's subscription model gives consumers access to both in-patient and out-patient services for routine surgeries and secondary care.

To be sure, other companies have cropped up in this market as well, though there aren't too many in the sector. PB Fintech's founder Yashish Dahiya launched PB Health last year, raising $218 million in seed money in a round led by General Catalyst to build a hospital chain under what is called a narrow network strategy.

Narrow-network healthcare insurance gives consumers fewer hospitals to choose from for coverage, but they pay lower premiums and still have access to high-quality healthcare.

Rwit is a correspondent at Mint covering India’s burgeoning startup ecosystem and the venture capital and private equity firms that back them. Sitting out of Bengaluru, he writes on the new-age tech businesses that the city and the rest of the country seems to ...