Khosla Ventures leads $50 million round for Even Healthcare

Even Healthcare has raised $50 million in an all-equity Series B led by Khosla Ventures, with participation from Alpha Wave. The round values the Indian startup at $300 million, triple its valuation 18 months ago, according to Even. It brings the company’s total funding to more than $120 million.

Even aims to shift hospital incentives toward patient outcomes rather than the volume of tests and procedures. The company initially relied on partner hospitals, but co-founder Mayank Banerjee said it began building its own facilities after finding that members had received tests or surgery recommendations it considered unnecessary.

Even has opened two hospitals in Bengaluru, both of which reached operational profitability excluding depreciation within a year of opening, Banerjee said. The company plans to open five more in the city over the next six months, using funds from the round. It leases hospital buildings under 20-year agreements and pays for renovations and medical equipment.

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

The company remains unprofitable. Regulatory filings show a net loss of ₹902 million, about $9.50 million, in fiscal 2025, nearly 25% higher than the previous year, on revenue of ₹272 million, about $2.86 million. Banerjee said Even could become profitable within months if it stopped expanding, but declined to say when it expects to reach profitability.