Even Healthcare has closed a US$50 million Series B round led by Khosla Ventures, with Alpha Wave also participating, as the Bengaluru-based startup pursues an overhaul of how Indian hospitals generate revenue and how doctors are paid. TechCrunch reported that Even Healthcare funding brings the company’s total capital raised to more than US$120 million, with the all-equity round valuing it at US$300 million, triple its valuation 18 months ago, according to Even.
The premise driving Even is straightforward, if ambitious. Indian hospitals typically earn more when patients undergo additional tests, longer stays or extra procedures. Even wants to break that link, paying its doctors fixed salaries rather than rewarding them for generating procedures, and extending the same principle to hospital management, whose pay is not tied to procedural volumes.
From partner hospitals to owned wards
Even was founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo. It initially relied on a network of partner hospitals to treat its members, but Banerjee told TechCrunch the model came under scrutiny once the startup found patients undergoing tests or being recommended surgeries it considered unnecessary. ‘We think patients are getting not only a bad experience, but insurers are getting a bad economic deal,’ he said. ‘And as a result, we decided to fix it by building our own hospitals.’
Both of the two hospitals Even has so far opened in Bengaluru achieved operational profitability, excluding depreciation, before they had been running for a year, Banerjee stated. Five further hospitals in the city are planned over the next six months, to be funded by the new round. Even secures its premises through 20-year lease agreements, then invests in fit-out and medical equipment, Banerjee told TechCrunch.
Doctors at Even earn fixed salaries, though they can receive bonuses based on patient-reported clinical outcomes rather than the number of procedures they perform. Hospital managers receive salaries and company-wide incentives. Marketing teams are measured on patient numbers rather than the revenue those patients generate. Every employee, including clinical staff, also holds equity in Even, tying their interests to the startup’s long-term performance.
Early performance metrics and a widening loss
Even tracks post-treatment recovery using established medical scoring systems (the Oxford Knee Score for knee replacements, for instance) and publishes its results alongside figures from other healthcare systems. The startup claims its hospitals have an unplanned readmission rate of less than 1%, against an industry benchmark of 8% to 15%, and that patients spend 40% less time in hospital. It also says its approach has saved insurer partners more than ₹500 million (about US$5.27 million).
According to Jai Sajnani, a partner at Khosla Ventures, the strong early performance of the hospitals was a key factor behind the firm’s decision to lead the round, he told TechCrunch. ‘We look forward to helping the Even team put quality care within reach of every family in Bengaluru and across India,’ he said. Vinod Khosla, the firm’s founder, said in a prepared statement that Even’s model brings financing, technology and care delivery together, with the goal of rewarding better health outcomes rather than greater use of services. ‘The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond,’ Khosla said.
Khosla Ventures has backed Even since its seed round in 2021. In July 2026, both Livemint and the Economic Times reported that Even was in talks to raise the round, with Livemint noting, citing startup intelligence platform Tracxn, that the company had been valued at US$153 million in a US$20 million round closed in January 2026.
The financial picture is mixed. Even posted a net loss of ₹902 million (about US$9.50 million) in fiscal 2025, nearly 25% more than the prior year, on revenue of ₹272 million (about US$2.86 million), according to regulatory filings. In August, the startup laid off around 350 employees, Indian startup-news site Entrackr reported. Banerjee acknowledged the restructuring, calling it a difficult decision, and said those who lost their jobs were given severance, extended health insurance and accelerated equity vesting.
The workforce now stands at around 650 people, among them approximately 300 full-time doctors, and the startup counts about 250,000 members. It has recorded more than 750,000 patient interactions since launch. Most of its revenue comes from patients paying for treatment, though Even also works with insurer partners and is developing a model under which it could be compensated for hospitalisations it helps prevent, not merely for treatment provided. Banerjee told TechCrunch that the startup could turn profitable within months if it halted expansion spending, but declined to give a timeline for profitability. ‘Right now, we’re investing in growth and serving more patients,’ he said.
