Bengaluru-based healthtech platform Even Healthcare has raised $20 million in a funding round led by Khosla Ventures to continue its mission to revolutionize healthcare accessibility in India through its innovative managed care model focused on preventive care.
The fresh funding significantly boosts the company after a 20-month funding hiatus. This latest injection of capital underscores the growing confidence in Even Healthcare’s innovative approach to managed care in India.
The board of Even Healthcare approved the issuance of 217,589 preference shares at an issue price of INR 7,762 each, raising a total of INR 169 crore (approximately $20 million), according to filings sourced from the Registrar of Companies.
Khosla Ventures led the round with a substantial investment of INR 83.4 crore ($10 million), followed by Pathfinder and Mercury Fund, which contributed INR 21.3 crore and INR 26.9 crore, respectively. Additional contributions came from Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, and Rainmatter fintech.
A Mission-Driven Vision for Healthcare
Launched in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Lalongo, Even Healthcare aims to revolutionize healthcare accessibility in India. Banerjee, motivated by a personal tragedy—a relative’s battle with cancer—sought to create a managed care system that would alleviate the financial burden of Healthcare for Indians.
Unlike traditional insurance, Even’s model focuses on preventive care, offering unlimited outpatient consultations and diagnostics through personalized managed care programs. The company’s unique offering includes Even cards, which can be used to pay bills at partner hospitals and labs, setting it apart in the crowded healthcare market.
Strategic Investment and Growth
Khosla Ventures has consistently supported Even Healthcare, led its Seed and Series B rounds and contributed significantly to its Series A round. The firm’s confidence in Even Healthcare’s model has fueled its growth, helping it raise approximately $40 million. This includes $15 million from Alpha Wave and Aspada in November 2022 and an initial $5 million seed capital led by Khosla Ventures in 2021.
In addition to its fundraising efforts, Even Healthcare has expanded its employee stock option (ESOP) pool, increasing the total pool size to 135,000 options, estimated to be worth $12 million, according to the company’s filings. According to market forecasts, Even Healthcare is now valued at approximately INR 753 crore ($91 million) post-allotment.
Even Healthcare offers subscription-based plans covering diagnostics, consultations, and hospitalization costs up to INR 50 lakh. The company partners only with hospitals that guarantee high-quality care for its members in exchange for a recurring payment. As it grows, Even Healthcare remains committed to making healthcare more accessible, patient-centered, and equitable across India.
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