Key Takeaways
- • Khosla Ventures led a $50 million all-equity Series B round in Even Healthcare, with participation from Alpha Wave, valuing the Indian startup at $300 million, triple its valuation 18 months earlier, according to Even.
- • Even's total capital raised now exceeds $120 million, and the round will fund five new hospitals in Bengaluru over the next six months.
- • Even is shifting from partner-hospital arrangements to building and operating its own hospitals, paying doctors fixed salaries rather than procedure-based fees.
- • Even reports an unplanned readmission rate below 1% versus an 8% to 15% industry benchmark, and claims insurer savings above ₹500 million (about $5.27 million), though these figures are company-reported.
- • Even remains loss-making, with a fiscal 2025 net loss of ₹902 million (about $9.50 million) on revenue of ₹272 million (about $2.86 million), per regulatory filings.
Summary
Even Healthcare has raised $50 million in a Series B round led by Khosla Ventures, with participation from Alpha Wave, according to TechCrunch. Even says the all-equity round values the Indian startup at $300 million, triple its valuation 18 months ago, and lifts its total capital raised to more than $120 million. Khosla Ventures has backed Even since its 2021 seed round, and Vinod Khosla said the company's model links financing, technology, and care delivery to reward better health outcomes rather than greater use of healthcare services.
The startup targets a structural problem in Indian hospital economics, in which providers often earn more when patients undergo additional tests, procedures, or longer stays. Even was founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. Initially it relied on partner hospitals, but Banerjee told TechCrunch that the company found patients were receiving tests and surgeries it considered unnecessary, prompting it to build and operate its own facilities. Even has opened two hospitals in Bengaluru, both of which reached operational profitability excluding depreciation within a year, and plans five more in the city over the next six months. It leases hospital buildings on 20-year agreements.
Even pays doctors fixed salaries, with bonuses tied to patient-reported clinical outcomes, and grants equity to all employees. Most revenue comes from patient payments, with additional income from insurer relationships, and the company is negotiating a model that would compensate it for hospitalizations prevented. Even tracks recovery using standard clinical scores, such as the Oxford Knee Score for knee replacements, and publishes results. It reports a readmission rate below 1%, 40% shorter hospital stays, and insurer savings above ₹500 million (about $5.27 million). Jai Sajnani of Khosla Ventures cited early hospital performance as a key reason for leading the round.
The company remains unprofitable. Regulatory filings show a fiscal 2025 net loss of ₹902 million (about $9.50 million), nearly 25% higher than the prior year, on revenue of ₹272 million (about $2.86 million). Entrackr reported that Even laid off about 350 employees in August; Banerjee said affected staff received severance, extended health insurance, and accelerated vesting. Even now employs about 650 people, including around 300 full-time doctors, and has about 250,000 members. Banerjee said the company could reach profitability within months by halting expansion but is choosing growth instead and declined to give a profitability timeline.
The startup targets a structural problem in Indian hospital economics, in which providers often earn more when patients undergo additional tests, procedures, or longer stays. Even was founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. Initially it relied on partner hospitals, but Banerjee told TechCrunch that the company found patients were receiving tests and surgeries it considered unnecessary, prompting it to build and operate its own facilities. Even has opened two hospitals in Bengaluru, both of which reached operational profitability excluding depreciation within a year, and plans five more in the city over the next six months. It leases hospital buildings on 20-year agreements.
Even pays doctors fixed salaries, with bonuses tied to patient-reported clinical outcomes, and grants equity to all employees. Most revenue comes from patient payments, with additional income from insurer relationships, and the company is negotiating a model that would compensate it for hospitalizations prevented. Even tracks recovery using standard clinical scores, such as the Oxford Knee Score for knee replacements, and publishes results. It reports a readmission rate below 1%, 40% shorter hospital stays, and insurer savings above ₹500 million (about $5.27 million). Jai Sajnani of Khosla Ventures cited early hospital performance as a key reason for leading the round.
The company remains unprofitable. Regulatory filings show a fiscal 2025 net loss of ₹902 million (about $9.50 million), nearly 25% higher than the prior year, on revenue of ₹272 million (about $2.86 million). Entrackr reported that Even laid off about 350 employees in August; Banerjee said affected staff received severance, extended health insurance, and accelerated vesting. Even now employs about 650 people, including around 300 full-time doctors, and has about 250,000 members. Banerjee said the company could reach profitability within months by halting expansion but is choosing growth instead and declined to give a profitability timeline.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.