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 reports from three people familiar with the matter. As reported by the sources, Khosla Ventures is leading the round and is expected to put in $30 million, with the balance 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 fresh round comes barely six months after Even Healthcare 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. According to startup intelligence platform Tracxn, investors valued the company at $153 million when it raised its $20 million round in January. As reported by one of the sources, existing investors have all re-invested in the current round, with the company in the process of closing the round, which is expected to take a few weeks.
Even Healthcare'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, with the sole exception being Marico's chairman Harsh Mariwala's family office Sharrp Ventures. According to Tracxn, Even's co-founders Mayank Banerjee, Alessandro Ialongo and Matilde Giglio currently hold a cumulative 38.85% stake, while 48.05% is held by various investors. Lightrock is the largest shareholder, owning 15.67% of Even Healthcare, with the balance held by enterprise investors, angel investors and company employees in stock options.
The company's revenue stood at ₹27.2 crore in FY25, up from ₹8.3 crore in FY24, as reported by startup intelligence platform Tracxn. However, losses spiked as well, jumping to ₹90.2 crore in FY25, from ₹72.4 crore in FY24. Even Healthcare 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.
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, 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, with the company's revenue growth reflecting the expanding healthcare insurance market in India.
