Healthtech company Even Healthcare is in late-stage talks with Khosla Ventures and other investors to raise its maiden funding round, according to two people aware of the deal.
“Even is in advanced stage to raise a $5 million seed round led by Khosla Ventures. The two firms have been in talks for several months and Khosla has already served a term sheet,” said one of the sources on condition of anonymity.
According to the sources, the round will also see the participation of around a dozen angel investors. “Even is likely to be valued in the range of $20 million in this round,” said the other source. The person, however, did not disclose the name of angel investors participating in the round.
Bengaluru-based Even offers subscription-based plans to cover diagnostics, consultations and hospitalisations costs of up to Rs 50 lakh. According to the company, it only partners with those hospitals that guarantee care of its members in exchange for a recurring monthly payment.
Even claims to have an advantage over medical insurance as it provides unlimited OPD consultations and diagnostics. The company provides Even cards which can be used to pay bills at its partner hospitals and labs. According to the company’s website, it has tied up with Healthians, Medicover, Narayana Health among others.
Founded by Mayank Banerjee, Matilde Giglio and Alessandro Lalongo, Even also provides family plans and group plans for companies. Currently, it offers two monthly subscription plans starting from Rs 750.
Queries sent to Even and Khosla Ventures on Tuesday did not elicit a response.
Even will be the second healthtech startup from India to raise funds from Khosla Ventures in 2021. Earlier this month, Good Health Clinic, a subsidiary of Hyderabad-based healthtech startup Digi-Prex, had raised a $5.2 million round led by the early-stage investment firm.
While several large hospital chains in India provide subscription-based membership packages to cover medical expenses, startups in this space are rare. Even doesn’t have any direct competition but it competes with hospitals that offer paid subscriptions.