Bengaluru-based Even Healthcare is reportedly in advanced talks to raise $50 million, potentially doubling its valuation to $300 million. The startup, which operates a subscription-based model and hospital network, is looking to fund further expansion plans.
Detailed Coverage
Even Healthcare, a subscription-focused healthcare and insurance provider based in Bengaluru, is reportedly working toward a new Series B funding round of approximately $50 million. If completed, the deal is expected to value the startup at roughly $300 million. This would represent a significant increase from its previous valuation of $153 million recorded in January.
Investor Backing and Strategic Expansion
The funding round is anticipated to be led by existing backer Khosla Ventures, which has been associated with the company since its seed round in 2021. Alpha Wave Global, another early investor, is also expected to participate. This follow-on investment reflects continued confidence from key backers. Other notable entities currently invested in the startup include Lightrock, Sharrp Ventures, Rainmatter, and 8VC.
Even Healthcare operates a hybrid model, offering members access to virtual and in-clinic consultations alongside insurance products. Beyond its digital offerings, the company is actively moving into physical infrastructure. It launched its first hospital in Bengaluru last year and has stated plans to establish four to five additional hospitals by the end of the 2026 calendar year. For investors, the ability of the company to effectively scale this hospital network while maintaining service quality—such as patient readmission rates and stay durations—remains a key operational focus.
Financial Context and Market Position
The startup currently serves between 50,000 and 60,000 active members in Bengaluru, with a broader reach of up to 300,000 patients across India through its corporate and individual plans. Financially, the company is in a phase of high cash burn typical of early-stage expansion. For the fiscal year 2025, it reported a revenue of Rs 27 crore against a net loss of Rs 90 crore. Projections for fiscal year 2026 suggest revenue could rise to the range of Rs 120-130 crore.
As the company expands its physical hospital footprint, investors will likely track whether it can achieve a clearer path to profitability. The transition from a purely subscription-based digital health model to an asset-heavy hospital provider introduces execution risks, including the high capital requirements and the competitive intensity of the healthcare services market in India. The progress of the planned hospital launches and the company's ability to manage its rising operational costs will be important factors to monitor in future disclosures.