Even Healthcare Raises $50M Series B to Build Outcome-Driven Hospitals in India

Even Healthcare, the Bengaluru-based managed-care startup building its own hospitals, has raised $50 million in an all-equity Series B led by Khosla Ventures, with participation from Alpha Wave. The round values the company at $300 million, according to TechCrunch, roughly triple its valuation 18 months ago, and pushes total funding past $120 million.

Khosla Ventures has backed Even since its 2021 seed round. Its return as lead is a vote of confidence in a model that takes aim at the incentives underpinning India's private hospital sector.

Rewriting the Hospital Business Model

Founded in 2020 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo, per Inc42, Even started out routing members to partner hospitals. Banerjee told TechCrunch the team kept seeing patients steered toward tests and surgeries it considered unnecessary.

"We think patients are getting not only a bad experience, but insurers are getting a bad economic deal," Banerjee said. "And as a result, we decided to fix it by building our own hospitals."

The structure is deliberately different. Even leases hospital buildings on 20-year agreements and funds the fit-outs and equipment itself. Doctors draw fixed salaries, with bonuses tied to patient-reported clinical outcomes rather than the number of procedures they order. Every employee, doctors included, holds equity. Recovery is tracked with established scoring systems, such as the Oxford Knee Score for knee replacements, and the results are published on Even's website.

Early Numbers and Expansion Plans

Even runs two hospitals in Bengaluru, and both reached operational profitability, excluding depreciation, within a year of opening. The company says its unplanned readmission rate sits under 1%, against an industry benchmark of 8% to 15%, and that patients spend 40% less time in hospital. It counts about 250,000 members, roughly 650 employees, including some 300 full-time doctors, and more than 750,000 patient interactions since launching in 2021.

The new capital is earmarked for five more Bengaluru hospitals over the next six months, with expansion to other cities to follow once the home market is built out. Most revenue comes from patient payments, and Even is working with insurers on an arrangement that would pay it for hospitalizations it helps prevent.

"The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond," said Vinod Khosla, founder of Khosla Ventures.

Growth Over Profit, For Now

The round follows a difficult stretch. Even posted a net loss of ₹902 million (about $9.5 million) in fiscal 2025 on revenue of ₹272 million (about $2.9 million), per regulatory filings cited by TechCrunch. In August, it laid off around 350 employees as it scaled back its insurance business and leaned into the hospital-led model, according to reports.

Banerjee said Even could turn profitable within months if it stopped expanding, but declined to give a timeline. "Right now, we're investing in growth and serving more patients," he said.

Khosla Ventures partner Jai Sajnani framed the bet in broader terms: "We look forward to helping the Even team put quality care within reach of every family in Bengaluru and across India."

Source

TechCrunch — "Khosla Ventures doubles down on Even Healthcare to challenge India's hospital economics"