Even Healthcare seeks $50 million at $300 million valuation
The Bengaluru startup is pursuing an integrated insurance, primary care and hospital model, while losses widened to ₹90.2 crore in FY25.
By Marcus Adeyemi · Startups Editor
· 3 min read
Even Healthcare is in talks to raise $50 million at a valuation of about $300 million, according to the Economic Times, a fast markup from the $153 million valuation reported in January. The proposed financing would give the Bengaluru company more capital for an unusually expensive bet in Indian healthtech: combining insurance-like subscriptions, primary care and hospitals in one system.
The Economic Times reported that Khosla Ventures is leading the round with $30 million, while existing investors are expected to provide the remaining $20 million. If completed on those terms, Even’s total funding would be roughly $120 million. The company has not announced a closed round in the details reported.
Even was founded in 2020 by Matilde Giglio, Mayank Banerjee and Alessandro Ialongo. Giglio, an Italian entrepreneur from Rome, studied at LUISS and the London School of Economics, worked at Hambro Perks in London, and moved to Bengaluru in 2021. Her work on a political campaign in India exposed her to the scale of medical debt in the country, where 60 million families are pushed into poverty each year by healthcare costs. Banerjee, Even’s CEO, was motivated by the financial impact of a cancer diagnosis in his family. Ialongo, Giglio’s childhood friend, is the company’s CTO.
Integrated care is the pitch
Even’s model resembles Kaiser Permanente in the US, which combines health coverage with its own hospitals and physician network. The comparison is central to the company’s investor story, but the operating context is different. The company is trying to build that structure in India, where fewer than 5% of people have health insurance and many available plans focus on emergencies rather than primary or preventive care.
Members pay a subscription fee for access to unlimited consultations with in-house doctors, diagnostic tests, specialist referrals and cashless hospitalisation through Even’s platform. The company currently runs one hospital and two clinics in Bengaluru. It plans to add six more hospitals by the end of 2026.
Even opened its first hospital, a 70-bed facility, in July 2025. Banerjee has said the hospital reached operating break-even within six months, faster than the two to three years he said hospitals typically require. That claim applies to the hospital’s operations, not the company as a whole.
Growth has come with wider losses
Even’s revenue increased from ₹8.3 crore, nearly $0.8 million, in FY24 to ₹27.2 crore, nearly $2.8 million, in FY25. Losses also rose, from ₹72.4 crore, nearly $7.5 million, to ₹90.2 crore, nearly $9.4 million, over the same period.
The company projects FY26 revenue of $12.5 million to $13.5 million. That forecast implies a sharp acceleration from FY25, while the company is also taking on the cost of real estate, medical staff, clinical operations and patient acquisition. Those costs make the model more capital-intensive than software-led healthtech businesses.
Khosla Ventures has backed Even since its $5 million seed round in 2021 and has also invested in Oscar Health, Headspace and OpenAI. Its reported participation across five rounds signals continued support for the model. The harder proof point is scale: Even has 400,000 active members and one hospital, while Kaiser Permanente serves 10 million members in the US.
This story draws on original reporting from TechFundingNews.
