Even Healthcare in talks to raise $50 million from Khosla Ventures, Alpha Wave

Even Healthcare, which offers subscription-based healthcare services and insurance, is in talks to raise about $50 million in a Series B funding round led by its existing investor Khosla Ventures, people aware of the matter told ET. The round will likely be at a valuation of about $300 million, nearly double that of $153 million it saw in its last funding round in January.

Existing investor Alpha Wave Global will also participate in this round, sources said. Alpha Wave co-led the second tranche of Even’s Series A round in January this year, along with Lachy Groom, where the company raised $20 million. The company had raised $30 million in the first tranche of its Series A in October last year.

The company decline to comment on the fundraise.


Khosla Ventures first invested in the company in its $5-million seed round in 2021, and has been part of its subsequent funding rounds. As per Tracxn, the company has so far raised $72.5 million across five funding rounds. Other investors on its captable are Sharrp Ventures, Lightrock, Rainmatter, and 8VC, among others.

Among external investors, Lightrock holds the largest stake at 15.7%, followed by Khosla Ventures at 10.4%, and Alpha Wave at 7.2%, Tracxn data showed.

Even offers a healthcare subscription that allows users to access their in-house team of doctors for virtual and in-clinic consultations, diagnostics, and other tests. The Bengaluru-based startup currently covers around 50,000-60,000 members in the city and 200,000-300,000 patients across India through individual and corporate health plans.

Even, which set up its first hospital in Bengaluru last year, is expanding its hospital network and plans to open four to five more hospitals by the end of this year. The company had earlier noted that Even's hospitals have sharply lower readmission rates, shorter duration of stays and better patient outcomes.

The company reported revenue of Rs 27 crore in FY25, on a net loss of Rs 90 crore, as per data from Tracxn. In FY26, the company’s revenue is likely to be around Rs 120-130 crore, as per sources.

The fundraise comes as a series of startups in the healthcare space have recently raised funding, including medicine delivery startup Plazza, genomics startup 4basecare, and at-home diagnostics firm Orange Health. So far this year, 84 healthtech startups have raised $432 million in funding, nearly the same as raised by 115 startups in the same period last year.