Even Healthcare Raises $50M Led by Khosla Ventures to Expand Patient-Centric Hospitals in India

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Indian startup Even Healthcare raised $50 million in a Series B round led by Khosla Ventures, valuing it at $300 million. The company plans to expand its network of hospitals in Bengaluru focused on improving patient outcomes and reducing unnecessary treatments.

Even Healthcare, an Indian health-tech startup aiming to transform hospital economics, has secured $50 million in a Series B funding round led by Silicon Valley venture capital firm Khosla Ventures, with participation from Alpha Wave. This round values Even Healthcare at $300 million, tripling its valuation from 18 months ago and bringing its total funding to over $120 million.

The startup’s mission is to challenge traditional hospital business models in India, where financial incentives often encourage unnecessary tests, procedures, or extended hospital stays, inflating medical costs without improving patient care. Even Healthcare focuses on aligning incentives towards better health outcomes rather than higher utilization of healthcare services.

Initially partnering with existing hospitals, Even Healthcare has shifted towards building and operating its own facilities to maintain greater control over clinical and financial practices. It has opened two hospitals in Bengaluru, both reaching operational profitability within a year, excluding depreciation. Supported by the new funding, the company plans to launch five additional hospitals in the city within six months.

Unlike conventional models where doctors’ pay may depend on procedures performed, Even Healthcare compensates its doctors with fixed salaries and bonuses tied to patient-reported clinical outcomes. Hospital management similarly receives salary and company-wide incentives rather than per-procedure commissions. All employees, including doctors and staff, are granted equity in the company to foster long-term commitment to quality care over volume-based revenue.

Revenue primarily comes from patients paying for treatment, supplemented by partnerships with insurers. Even Healthcare is developing models to be compensated for preventing hospitalizations, emphasizing preventive care.

The company monitors patient recovery using established metrics such as the Oxford Knee Score for knee replacements and publishes these outcomes publicly for transparency and comparison. Even Healthcare reports a significantly lower unplanned readmission rate—under 1% compared to the industry’s 8–15%—and patients spend 40% less time hospitalized. The approach has reportedly saved insurers approximately ₹500 million (about $5.27 million).

Despite these operational successes, Even Healthcare posted a net loss of ₹902 million (roughly $9.5 million) for fiscal 2025 on revenues of ₹272 million ($2.86 million). The startup also carried out a restructuring in August, reducing its workforce by about 350 employees while providing severance and benefits.

Currently employing around 650 people, including 300 full-time doctors, Even Healthcare serves approximately 250,000 members and has facilitated over 750,000 patient interactions since its inception in 2021.

Co-founder Mayank Banerjee told TechCrunch that while the company could become profitable shortly by halting expansion, it is prioritizing growth to reach more patients. Khosla Ventures’ founder Vinod Khosla highlighted Even Healthcare’s comprehensive model combining financing, technology, and care delivery as a promising new approach for India and beyond.

As Even Healthcare scales its patient-centric hospital network in Bengaluru, its innovative model challenges entrenched practices by incentivizing outcomes instead of volume, aiming to reshape healthcare economics in India’s populous market.