- Bengaluru-based Even Healthcare is in talks to raise $50 million, valuing the startup at around $300 million, up from $153 million in January, according to the Economic Times.
- Even is doubling down on an integrated payer-provider model, combining insurance, primary care and hospitals under one platform, a strategy rarely seen in India’s fragmented healthcare system.
- Revenue jumped from ₹8.3 crore (nearly $0.8 million) in FY24 to ₹27.2 crore (nearly $2.8 million) in FY25, but losses also widened, from ₹72.4 crore (nearly $7.5 million) to ₹90.2 crore (nearly $9.4 million) over the same period, highlighting the high cost of building an integrated healthcare network.
Every year, 60 million Indian families are pushed into poverty by medical bills. Not by catastrophic illness alone by the accumulated cost of consultations, tests, and hospital stays that a fragmented, largely uninsured system hands to patients with no warning and no ceiling. Matilde Giglio learned this working on a political campaign in India. She decided it was the problem worth her career.
Giglio is a 33-year-old Italian entrepreneur from Rome who studied at LUISS and the London School of Economics, worked in venture capital at Hambro Perks in London, and then moved to Bengaluru in 2021 to co-found Even Healthcare. The company is now in talks to raise $50 million at a $300 million valuation, led by Khosla Ventures, which contributed $30 million, with existing investors taking the remaining $20 million. That valuation is nearly double the $153 million Even was worth in January 2026. Total funding to date stands at roughly $120 million.
Three founders, one big problem
Even was co-founded in 2020 by Giglio, Mayank Banerjee, and Alessandro Ialongo. Banerjee, who serves as CEO, was motivated by a family member’s cancer diagnosis and the financial devastation that followed. Ialongo, Giglio’s childhood friend, is CTO. The three met through overlapping networks across Oxford, London, and India.
The model they are building has a clear reference point: Kaiser Permanente, the US healthcare group that combines insurance with its own hospitals and physician network under one roof. In the US, that model has proved durable and financially successful. In India, it has never existed. Less than 5% of India’s population has health insurance, and most plans that do exist cover only emergency services, not the preventive and primary care that shapes long-term health outcomes.
What Even actually does
Members pay a subscription fee and get unlimited consultations with in-house doctors, diagnostic tests, specialist referrals, and cashless hospitalisation through a single integrated platform. Even currently operates one hospital and two clinics in Bengaluru, with six additional hospitals planned by the end of 2026. Its first hospital, a 70-bed facility opened in July 2025, reached operating break-even within six months, which Banerjee has described as unusually fast — most hospitals take two to three years.
Revenue grew from approximately $1 million in FY24 to approximately $3.3 million in FY25. Net losses also widened, from roughly $7.5 million to $9.4 million over the same period. The company projects FY26 revenue of $12.5 million to $13.5 million. Investors are clearly pricing future scale over current profitability, which is a familiar position in Indian healthtech but carries more weight here given the capital intensity of building and running hospitals.
Why the valuation jump matters
Khosla Ventures, which has backed Even since its $5 million seed round in 2021, has previously invested in Oscar Health, Headspace, and OpenAI. Its continued and increasing support across five rounds is the clearest signal of conviction in Even’s model.
The harder question is execution. Building an integrated payer-provider network in India requires regulatory navigation, real estate, medical hiring, and trust-building with patients who have historically used healthcare only in emergencies. Even has 400,000 active members and a single hospital. Kaiser Permanente serves 10 million members. The distance between those two numbers is the size of the bet Khosla is making and the size of the problem Giglio decided to leave London to solve.
