Healthcare startup Even Healthcare co-founded by Mayank Banerjee (CEO), Matilde Giglio (COO), and Alessandro Ialongo (CTO) is set to raise Rs 208.24 crore in a Series B funding round led by Khosla Ventures, adding fresh capital as the company expands its membership-based healthcare business.
The biggest chunk of the funding is estimated to come from Khosla Ventures in an investment worth Rs 145 crore. DLB Ventures and Simon Fiduciaria will be contributing Rs 38.88 crore and Rs 22.67 crore respectively. Both ADBEEV LLP and Better Capital are expected to be part of the round of funding.
The transaction would give Even Healthcare another significant injection of capital after an earlier $20 million funding round led by Lachy Groom and Alpha Wave.
Even Healthcare approves fresh preference share issue
The fundraising is being structured through the issuance of 1,91,228 compulsorily convertible preference shares at an issue price of Rs 10,889.91 per share.
The share issue is expected to raise approximately Rs 208.24 crore, with the capital earmarked for the company’s business funding requirements.
The Series B transaction is estimated to value Even Healthcare at around $300 million.
The size of the round is also notable because an earlier report had indicated that the company could raise roughly $50 million in new funding. The current financing plan is substantially smaller than that figure.
Khosla Ventures takes the dominant position in the round
Khosla Ventures’ proposed Rs 145 crore investment represents the clear majority of the fresh capital being raised.
DLB Ventures and Simon Fiduciaria together account for another Rs 61.55 crore, while ADBEEV LLP and Better Capital are also joining the investor group.
The structure gives the round a concentrated investor profile, with Khosla Ventures providing most of the capital rather than the financing being spread evenly across several backers.
Even Healthcare combines memberships with continuous patient care
Even Healthcare operates a membership-based healthcare model spanning primary care, clinics and hospital services.
Its approach extends beyond individual consultations. The company’s care teams manage patients across different stages of treatment, including consultations, hospitalisation and post-discharge recovery.
That model places continuing care and patient recovery at the centre of its offering rather than relying solely on conventional hospital-based treatment.
Revenue jumped more than fourfold in FY25
The new financing comes after a sharp increase in Even Healthcare’s operating revenue.
Revenue rose to Rs 25.43 crore in FY25, compared with Rs 6.24 crore in FY24, representing growth of more than four times year on year.
The expansion, however, was accompanied by higher losses. Even Healthcare recorded a Rs 90.15 crore loss in FY25, widening from Rs 72.40 crore in FY24. Its FY26 financial statements have not yet been filed with the Registrar of Companies.
The figures underline the stage Even Healthcare currently occupies: its revenue base is expanding quickly, but losses remain considerably larger than operating revenue.
The Rs 208 crore Series B will therefore give the company additional financial room as it continues building its healthcare platform, while the scale of Khosla Ventures’ proposed investment makes the investor’s participation the defining feature of the round.
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