Even Healthcare, the Bengaluru-based healthcare provider, has successfully raised approximately $20 million (Rs 169 crore) in a new funding round led by Khosla Ventures. This investment comes after a 20-month hiatus since their last funding round.

The company’s board has approved the issuance of 2,17,589 preference shares at an issue price of Rs 7,762 each, aimed at raising the said amount. Khosla Ventures led the round with a substantial contribution of Rs 83.4 crore ($10 million). Additional investments came from Pathfinder and Mercury Fund, contributing Rs 21.3 crore and Rs 26.9 crore respectively. Other investors, including Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, Rainmatter Fintech, and others, collectively contributed the remaining funds.

Khosla Ventures, having previously supported Even Healthcare through its Seed and Series B rounds, reaffirmed its commitment by leading this latest funding effort. The venture firm also played a significant role in Even’s Series A round.

In a strategic move, Even Healthcare has also expanded its employee stock option (ESOP) pool, increasing the total pool size to 1,35,000 options.

Even Healthcare provides subscription-based plans covering diagnostics, consultations, and hospitalization expenses of up to Rs 50 lakh. The company partners with select hospitals that guarantee care for its members, compensating them with a recurring payment. The company distinguishes itself from traditional medical insurance by offering unlimited OPD consultations and diagnostics.

Founded by Mayank Banerjee, Matilde Giglio, and Alessandro Lalongo, Even Healthcare has raised approximately $40 million to date, including a previous $15 million investment from Alpha Wave and Aspada in November 2022, and an initial $5 million in seed funding led by Khosla Ventures in 2021.