The healthcare startup Even Healthcare has raised a fresh round of funding led by Khosla Ventures, totaling Rs 169 crore, or roughly $20 million. After a 20-month pause, the Bengaluru-based company has received new funding.
According to its filing, which was obtained from the Registrar of Companies, the Even board has decided to issue 2,17,589 preference shares at an issue price of Rs 7,762 apiece in order to raise Rs 169 crore, or $20 million.
With an initial investment of Rs 83.4 crore, or $10 million, Khosla Ventures led the round. Pathfinder and Mercury Fund contributed Rs 21.3 crore and Rs 26.9 crore, respectively. The remaining funds were collectively invested by Rainmatter fintech, DLB Ventures, Lex Italia, Simon Fiduciaria, 8 VC, and other parties.
It’s important to note that Khosla Ventures has been a strong supporter of Even Healthcare, having led both the company’s Seed and Series B rounds and contributed significantly to its Series A round.
A separate resolution filed by the company states that Even Healthcare has increased the size of its employee stock option (ESOP) pool by adding new options, bringing the total number of options in the pool to 1,35,000. Its ESOP size is valued at $12 million, according to the media.
The company is estimated by the media to be worth Rs 753 crore, or $91 million, after allocation.
It offers plans that are subscription-based and can pay up to Rs 50 lakh for hospital stays, diagnostic tests, and consultations. Only hospitals that promise to take care of its members in return for a regular payment, the company claims, are partners.
In addition to providing individualized managed care programs and Even cards that can be used to pay bills at its partner hospitals and labs, Even was founded by Mayank Banerjee, Matilde Giglio, and Alessandro Lalongo. argues that because it offers limitless OPD consultations and diagnostics, it has an advantage over medical insurance.
In November 2022, Alpha Wave and Aspada contributed $15 million to the company’s total fundraising of about $40 million. Additionally, in 2021, Khosla Ventures led the initial $5 million in seed capital.
