Indian healthcare startup Even Healthcare has raised $50 million in a Series B funding round led by Khosla Ventures to expand its hospital network in Bengaluru. The company plans to open five additional hospitals over the next six months, focusing on patient outcomes rather than the volume of medical procedures performed.
The all-equity round included Alpha Wave and valued Even at $300 million, triple its valuation 18 months ago. The funding brings its total capital raised to more than $120 million, with Khosla Ventures backing the startup since its 2021 seed funding round.
Even Expands Hospital Network in Bengaluru
Founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even initially relied on partner hospitals to treat its members. However, Banerjee told TechCrunch that the company reconsidered this approach after identifying tests and recommended surgeries it considered unnecessary.
Even has since opened two hospitals in Bengaluru, both reaching operational profitability, excluding depreciation, within their first year. The company leases hospital buildings under 20-year agreements and invests in medical equipment and facilities.
Unlike hospitals that financially reward doctors for performing additional procedures, Even pays fixed salaries with potential bonuses based on patient-reported clinical outcomes. Hospital managers receive salaries and company-wide incentives, while marketing teams focus on attracting patients rather than generating treatment revenue.
All employees, including doctors, receive company equity. Most revenue comes from patient treatments and insurer relationships, while Even is developing arrangements that could compensate it for preventing hospitalizations.
Even Reports Lower Readmission Rates and Insurance Costs
Even tracks patient recovery using established medical scoring systems, including the Oxford Knee Score for measuring pain and mobility following knee replacement surgery. The company publishes its clinical results alongside comparative healthcare data.
Even claims its hospitals have an unplanned readmission rate below 1%, compared with an industry benchmark of 8% to 15%. It also reports 40% shorter hospital stays and more than ₹500 million ($5.27 million) in savings for insurers.
Vinod Khosla, founder of Khosla Ventures, said Even combines healthcare financing, technology, and medical services to prioritize patient outcomes. Jai Sajnani, a partner at the firm, told TechCrunch that the hospitals’ early performance helped motivate its latest investment.
Even Records Losses Despite Hospital Profitability
Regulatory filings show Even recorded a net loss of ₹902 million ($9.50 million) in fiscal 2025, nearly 25% higher than the previous year, against revenue of ₹272 million ($2.86 million).
The startup also laid off approximately 350 employees in August, according to Entrackr. Banerjee confirmed the restructuring and said affected employees received severance, extended health insurance, and accelerated equity vesting.
Even currently employs around 650 people, including 300 full-time doctors, and has approximately 250,000 members. It has recorded more than 750,000 patient interactions, including consultations, diagnostic tests, and surgeries, since 2021.
Banerjee said Even could become profitable within months if it paused expansion, but the company continues investing in growth. He declined to provide a timeline for company-wide profitability.
Featured image credits: Magnific.com
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