Khosla Ventures leads Even Healthcare's $50M round at $300M valuation

Even Healthcare has raised $50 million in an all-equity Series B round led by Khosla Ventures, with participation from Alpha Wave. The round values the Bengaluru-based managed-care startup at $300 million, triple its valuation 18 months ago, and brings its total capital raised to more than $120 million.

The funding backs a bet against how Indian hospitals make money. Hospitals in India typically earn more when patients undergo additional tests, procedures, or longer stays, even when they may not need them. Even wants to change that by focusing on patient care rather than pushing unnecessary treatments that drive up medical bills.

The shift to owned hospitals

The startup was founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. It initially relied on partner hospitals to treat its members, but Banerjee said in an interview that the startup began questioning that model after finding that patients had undergone tests or been recommended surgeries it considered unnecessary.

"We think patients are getting not only a bad experience, but insurers are getting a bad economic deal. And as a result, we decided to fix it by building our own hospitals," Banerjee told TechCrunch.

Even has since opened two hospitals in Bengaluru, both of which reached operational profitability, excluding depreciation, within a year of opening, Banerjee said. The startup plans to open five more hospitals in the city over the next six months, funded by the latest round. It leases hospital buildings on 20-year agreements and spends on fitting them out and buying medical equipment.

The compensation model is central to the approach. Even pays its doctors fixed salaries, not tying their pay to the number of tests or surgeries they perform, though doctors can earn bonuses based on patient-reported clinical outcomes. Hospital management compensation is likewise not linked to procedures. Every employee, including doctors and hospital staff, receives equity in Even.

Early results

Most of Even's revenue comes from patients paying for treatment. The startup also generates revenue through its relationships with insurers and is working with insurer partners on a model that could compensate it for hospitalizations it helps prevent.

Even says its hospitals have an unplanned readmission rate of less than 1%, compared with an industry benchmark of 8% to 15%. It claims patients spend 40% less time in the hospital and that the approach has saved insurers more than 500 million rupees (about $5.27 million).

Khosla Ventures has invested in Even since its seed round in 2021. Vinod Khosla, the firm's founder, said in a prepared statement that the goal is to reward better health outcomes rather than greater use of healthcare 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," he said. Jai Sajnani, a partner at Khosla Ventures, told TechCrunch that the early performance of Even's hospitals was a key reason the firm led the round.

The startup still loses money. Even posted a net loss of 902 million rupees (about $9.50 million) in fiscal 2025, nearly 25% more than the previous year, on revenue of 272 million rupees (about $2.86 million), regulatory filings show. In August, it laid off about 350 employees, according to Indian startup-news website Entrackr. Banerjee acknowledged the restructuring and called it a difficult decision, saying affected employees received severance, extended health insurance, and accelerated equity vesting.

Even employs about 650 people, including around 300 doctors full-time. It has about 250,000 members and has recorded more than 750,000 patient interactions since its launch in 2021. Banerjee told TechCrunch that Even could turn profitable within months if it stopped spending on expansion, but the startup is choosing to grow instead. "Right now, we're investing in growth and serving more patients," he said.