Khosla Ventures-Backed Even Healthcare Launches First ESOP Buyback

SUMMARY

Even Healthcare announces its first ESOP buyback worth $500K at primary valuation without any discount

The buyback comes five months after raising $30 Mn in Series A funding led by Khosla Ventures

The healthtech startup offers ESOPs to all full-time employees with the same terms as founders

Healthtech startup Even Healthcare has announced its first-ever employee stock ownership plan (ESOP) buyback, within three years of launch.

The buyback programme, valued at $500K, will be executed at the company’s primary valuation without any discount, Even Healthcare said in a statement.

This comes nearly five months after the startup raised $30 Mn in its Series A funding round led by Khosla Ventures, along with participation from Founders Fund, 8VC and Lachy Groom among others.

Even Healthcare grants stock options to every full-time employee under the same terms as its founders. The company also provides guaranteed refresher benefits to ensure continuous stock-based rewards for employees, the statement added.

“At Even Healthcare, we believe in creating long-term financial opportunities for our employees. This buyback is a testament to our commitment to ensuring everyone who contributes to Even’s growth benefits from it,” said Even Healthcare cofounder Matilde Giglio.

Founded in 2020 by Giglio, Mayank Banerjee and Alessandro Ialongo, Even Healthcare operates as a subscription-based managed care provider. The company charges an annual fee for services including doctor consultations, diagnostic tests, and preventive care, with optional health insurance for hospitalisation.

This comes at a time when several startups are expanding their employee stock option pools. Just today, fintech giant Paytm granted 1.09 Lakh stock options under its ESOP 2019 scheme, while also noting that 4.1 Lakh options have lapsed.

Logistics player Delhivery approved allotment of 11.79 Lakh equity shares under multiple ESOP schemes yesterday (March 10), increasing its paid-up capital to INR 74.55 Cr. Meanwhile, travel platform ixigo approved a new ESOP scheme with a substantial 1.2 Cr stock options pool, with unique vesting terms tied to market capitalisation milestones.

D2C brand Mamaearth allotted 3.59 Lakh shares worth nearly INR 80 Cr last week, while agritech startup Ninjacart expanded its ESOP pool by 36%.

According to Bajaj Finserv AMC data, the Indian healthcare market where Even operates is projected to reach $638 Bn by 2025, growing at a 17.5% CAGR over the past decade. The hospital market alone has expanded from $62 Bn in 2020 to $132 Bn in 2023.