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

Even Healthcare has raised $50 million in an all-equity Series B led by Khosla Ventures, tripling its valuation to $300 million in just 18 months. Alpha Wave also joined the round, which brings the Bengaluru-based startup's total funding past $120 million, according to Even.

The bet is straightforward: Even wants to overturn an Indian hospital economy where facilities earn more when patients undergo extra tests, procedures, or longer stays — needed or not. Khosla Ventures has backed the company since its seed round in 2021 and is now doubling down as Even builds and operates hospitals of its own, taking direct control over patient care and costs.

Vinod Khosla, founder of Khosla Ventures, said Even's model goes beyond patching individual parts of a fragmented system by combining financing, technology, and care delivery. "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 in a prepared statement.

Why did Even start running its own hospitals?

The shift wasn't theoretical. Co-founder Mayank Banerjee said in an interview that Even initially relied on partner hospitals — until it found patients had undergone tests or been recommended surgeries the startup 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.

The company has opened two hospitals in Bengaluru, both reaching operational profitability — excluding depreciation — within a year of opening, Banerjee said. Even plans five more hospitals in the southern Indian city over the next six months, funded by the new round. The model is asset-light on real estate: Even leases hospital buildings on 20-year agreements and spends on fit-outs and medical equipment.

What does this change for doctors and patients?

Even pays its doctors fixed salaries, untethering compensation from the number of tests or surgeries they perform. Doctors can still earn bonuses, but only on patient-reported clinical outcomes. Hospital managers get salaries and company-wide incentives rather than procedure-linked pay, and marketing teams are measured on patients brought in, not revenue generated. Every employee, doctors included, receives equity in Even — a stake in long-term performance, not in bigger medical bills.

The results Even publishes are the pitch:

• Unplanned readmission rate below 1%, against an industry benchmark of 8% to 15%
• Patients spend 40% less time in the hospital
• Insurers have saved more than ₹500 million (about $5.27 million)

Even tracks recovery using established medical scoring systems — for knee replacements, the Oxford Knee Score for pain and mobility — and publishes the results on its website alongside figures from other healthcare systems for comparison.

Most revenue comes from patients paying for treatment, with the rest from insurer relationships. Even is also working with insurer partners on a model that would compensate it for hospitalizations it helps prevent, not just treatment it provides.

Is the business actually working?

Jai Sajnani, a partner at Khosla Ventures, said the early hospital performance was a key reason the firm led the round. "We look forward to helping the Even team put quality care within reach of every family in Bengaluru and across India," he told TechCrunch.

The financials complicate the story. Even posted a net loss of ₹902 million (about $9.50 million) in fiscal 2025 — nearly 25% worse than the prior year — on revenue of just ₹272 million (about $2.86 million), regulatory filings show. Put plainly, the startup lost roughly $3.30 for every dollar of revenue it brought in.

In August, Even also laid off about 350 employees, according to Indian startup-news website Entrackr. Banerjee acknowledged the restructuring as a difficult decision and said affected staff received severance, extended health insurance, and accelerated equity vesting.

The company now employs about 650 people, including roughly 300 full-time doctors, and serves about 250,000 members. Since launching in 2021, it has recorded more than 750,000 patient interactions — consultations, diagnostic tests, and surgeries combined.

Banerjee said Even could turn profitable within months if it stopped spending on expansion, but declined to give a timeline. "Right now, we're investing in growth and serving more patients," he said. The five new Bengaluru hospitals over the next six months will be the first real test of whether the model scales — or whether the losses scale with it.