Even Healthcare Raises $50M, Hits $300M Valuation in India

Even Healthcare has raised $50 million in a Series B round led by Khosla Ventures, valuing the Bengaluru-based startup at $300 million, according to TechCrunch. The startup is using the money to open and operate its own hospitals in India rather than rely solely on partner facilities.

How much did Even Healthcare raise, and at what valuation?

The all-equity round included participation from Alpha Wave and values Even at $300 million, triple its valuation 18 months earlier, Even told TechCrunch. The new capital brings the company's total funding to more than $120 million since its 2021 founding by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo.

Why is Khosla Ventures doubling down on Even Healthcare?

Khosla Ventures has backed Even since its seed round in 2021 and is increasing its stake as the startup shifts from working with partner hospitals to building and running its own. Firm founder Vinod Khosla said in a prepared statement that Even's approach combines financing, technology and care delivery to reward outcomes rather than volume 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.

How does Even's hospital model differ from traditional Indian hospitals?

Hospitals in India typically earn more when patients undergo additional tests, procedures or longer stays, even when those aren't medically necessary, according to TechCrunch. Even pays its doctors fixed salaries rather than tying compensation to the volume of tests or surgeries performed, though physicians can earn bonuses tied to patient-reported clinical outcomes. Banerjee said the shift to building its own hospitals followed findings that patients at partner facilities had undergone unnecessary tests or been recommended unneeded surgeries. "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.

What is Even's track record with its own hospitals?

Even has opened two hospitals in Bengaluru so far. Both reached operational profitability, excluding depreciation, within a year of opening, Banerjee said. The company leases hospital buildings under 20-year agreements and spends separately on fit-out and medical equipment.

Even Healthcare by the numbers

• $50 million: size of the new Series B round
• $300 million: post-money valuation, triple the figure from 18 months prior
• $120 million-plus: total capital raised since 2021
• 2: hospitals currently operating in Bengaluru
• 5: additional hospitals planned in Bengaluru within six months

What does Even Healthcare plan to do next?

Funded by the new round, Even plans to open five more hospitals in Bengaluru over the next six months, according to Banerjee. The company's timeline runs from its 2021 seed round backed by Khosla Ventures, through a valuation 18 months ago that has since tripled, to the current $300 million Series B and the planned Bengaluru expansion. Banerjee did not specify a date for expansion beyond the city or outside India.

The round signals continued investor appetite for startups attempting to restructure healthcare payment incentives in large, fast-growing markets, even as the model remains unproven at a larger scale.

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