Key Takeaways
- • Even Healthcare raised $50 million in an all-equity Series B led by Khosla Ventures, 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 a plan to open five more hospitals in Bengaluru over the next six months.
- • Even is shifting from partner-hospital care to owning and operating its own hospitals, paying doctors fixed salaries and linking compensation to patient-reported clinical outcomes rather than procedure volume.
- • Even claims an unplanned readmission rate below 1% versus an industry benchmark of 8% to 15%, and 40% shorter hospital stays, but it still posted a net loss of ₹902 million (about $9.50 million) in fiscal 2025 on revenue of ₹272 million (about $2.86 million).
- • Even laid off about 350 employees in August, and Khosla Ventures partner Jai Sajnani said early hospital performance was a key reason the firm led the round.
Summary
Even Healthcare has raised $50 million in an all-equity Series B round led by Khosla Ventures, with participation from Alpha Wave, according to the company. The round values the Indian startup at $300 million, triple its valuation 18 months ago, and brings its total capital raised to more than $120 million. Khosla Ventures has backed Even since its seed round in 2021 and is increasing its exposure as Even moves to build and operate its own hospitals, which would give it greater control over patient care and costs.
Even was founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo to address a structural problem in Indian hospital economics, where providers often earn more when patients undergo additional tests, procedures or longer stays. Initially Even relied on partner hospitals, but Banerjee told TechCrunch the company found patients undergoing tests or surgeries it considered unnecessary and decided to build its own facilities. Even has opened two hospitals in Bengaluru, both of which reached operational profitability excluding depreciation within a year of opening. It leases hospital buildings on 20-year agreements and plans to open five more hospitals in the city over the next six months.
Even's compensation model departs from conventional hospital incentives. Doctors receive fixed salaries and can earn bonuses based on patient-reported clinical outcomes, hospital management is not paid per procedure, and every employee receives equity. Most of Even's revenue comes from patients paying for treatment, supplemented by insurer relationships, and the company is working with insurer partners on a model that would compensate it for hospitalizations it helps prevent. Even tracks recovery using standard clinical measures, such as the Oxford Knee Score for knee replacements, and publishes results alongside comparison data. It reports an unplanned readmission rate below 1%, against an industry benchmark of 8% to 15%, and says patients spend 40% less time in hospital and that insurers have saved more than ₹500 million (about $5.27 million).
The company remains loss-making. Regulatory filings show a net loss of ₹902 million (about $9.50 million) in fiscal 2025, nearly 25% higher than the prior year, on revenue of ₹272 million (about $2.86 million). In August, Even laid off about 350 employees, according to Entrackr; Banerjee called the restructuring a difficult decision and said affected staff received severance, extended health insurance and accelerated equity vesting. Even now employs about 650 people, including around 300 full-time doctors, serves about 250,000 members and has recorded more than 750,000 patient interactions since 2021. Banerjee said Even could become profitable within months if it stopped expanding but is choosing to grow, and declined to give a profitability timeline. "Right now, we're investing in growth and serving more patients," he said.
Even was founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo to address a structural problem in Indian hospital economics, where providers often earn more when patients undergo additional tests, procedures or longer stays. Initially Even relied on partner hospitals, but Banerjee told TechCrunch the company found patients undergoing tests or surgeries it considered unnecessary and decided to build its own facilities. Even has opened two hospitals in Bengaluru, both of which reached operational profitability excluding depreciation within a year of opening. It leases hospital buildings on 20-year agreements and plans to open five more hospitals in the city over the next six months.
Even's compensation model departs from conventional hospital incentives. Doctors receive fixed salaries and can earn bonuses based on patient-reported clinical outcomes, hospital management is not paid per procedure, and every employee receives equity. Most of Even's revenue comes from patients paying for treatment, supplemented by insurer relationships, and the company is working with insurer partners on a model that would compensate it for hospitalizations it helps prevent. Even tracks recovery using standard clinical measures, such as the Oxford Knee Score for knee replacements, and publishes results alongside comparison data. It reports an unplanned readmission rate below 1%, against an industry benchmark of 8% to 15%, and says patients spend 40% less time in hospital and that insurers have saved more than ₹500 million (about $5.27 million).
The company remains loss-making. Regulatory filings show a net loss of ₹902 million (about $9.50 million) in fiscal 2025, nearly 25% higher than the prior year, on revenue of ₹272 million (about $2.86 million). In August, Even laid off about 350 employees, according to Entrackr; Banerjee called the restructuring a difficult decision and said affected staff received severance, extended health insurance and accelerated equity vesting. Even now employs about 650 people, including around 300 full-time doctors, serves about 250,000 members and has recorded more than 750,000 patient interactions since 2021. Banerjee said Even could become profitable within months if it stopped expanding but is choosing to grow, and declined to give a profitability timeline. "Right now, we're investing in growth and serving more patients," he said.
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