Even Healthcare Raises $50M in Khosla-Led Round
Even Healthcare has raised $50 million in a Series B funding round led by Khosla Ventures, valuing the Indian startup at $300 million as it expands its own hospital network.
Radwan AbdulhadiEditor and technology writer
Series B Funding and Valuation
Even Healthcare has raised $50 million in an all-equity Series B funding round led by Khosla Ventures, with participation from Alpha Wave. The round values the Indian startup at $300 million, representing a threefold increase from its valuation 18 months ago, according to Even. This latest capital infusion brings the company's total capital raised to over $120 million.
The startup aims to challenge traditional hospital economics in India, where medical facilities typically earn more revenue when patients undergo additional diagnostic tests, longer stays, or extra procedures. Even focuses instead on patient care rather than pushing treatments that drive up medical bills.
Shift Toward Building Proprietary Hospitals
Initially, Even relied on partner hospitals to treat its members. However, co-founder Mayank Banerjee stated that the startup reevaluated that strategy after discovering that patients had undergone medical tests or surgeries deemed unnecessary.
To address these concerns, Even decided to build and operate its own hospitals to gain greater control over patient care and operating costs. The startup has opened two hospitals in Bengaluru, which achieved operational profitability—excluding depreciation—within a single year of opening. Backed by its latest funding, the company plans to open five additional hospitals in the southern Indian city over the next six months by leasing buildings on 20-year agreements.
Unique Compensation Model for Staff
Unlike traditional medical facilities where physicians may face financial incentives to recommend extra procedures, Even compensates its doctors with fixed salaries. Compensation is not tied to the volume of tests or surgeries performed, though doctors can earn bonuses linked to patient-reported clinical outcomes.
Hospital management and administrative teams follow a similar structure, receiving salaries and company-wide incentives rather than compensation tied to procedural revenue. In addition, every employee—including medical staff—receives equity in the startup to align their long-term interests with company performance.
Financials and Ongoing Expansion
Despite its operational growth, Even remains unprofitable. Regulatory filings show that the startup posted a net loss of ₹902 million (approximately $9.50 million) in fiscal 2025, which is roughly 25% higher than the previous year, on revenue of ₹272 million (about $2.86 million). In August, the company also laid off about 350 employees as part of a restructuring effort, though affected workers received severance, extended health insurance, and accelerated equity vesting.
Banerjee noted that Even could reach profitability within months if it halted expansion spending, but the startup prefers to prioritize ongoing growth and service delivery. Even currently employs roughly 650 people, maintains around 250,000 members, and has recorded over 750,000 patient interactions since its 2021 launch.
Sources
- TechCrunchKhosla Ventures doubles down on Even Healthcare to challenge India’s hospital economics
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