Even Healthcare, an Indian startup focused on reforming hospital economics, has secured $50 million in a Series B funding round led by Khosla Ventures, boosting its valuation to $300 million. The raise also included participation from Alpha Wave, swelling Even’s total capital raised to over $120 million. Founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even aims to disrupt the traditional hospital model in India—which tends to financially benefit from unnecessary tests and extended hospital stays—by prioritizing patient care and outcomes rather than volume of services rendered.

In response to discovering excessive tests and surgeries among partner hospital patients, Even shifted its strategy to owning and operating its own hospitals to maintain tighter control over care quality and costs. The company has launched two profitable hospitals in Bengaluru, with plans to open five more in the city within six months, funded by the new capital. Even leases hospital properties on long-term agreements and invests in outfitting and medical equipment, while paying doctors fixed salaries supplemented by bonuses tied to patient-reported outcomes, rather than the quantity of procedures performed. This compensation model also extends to hospital management and staff, who receive equity in the company to align their interests with long-term value creation.

Even’s approach has shown promising results, reporting an unplanned readmission rate under 1%, significantly lower than the industry average of 8 to 15%, alongside 40% reductions in patient hospital stays. Insurers have benefited as well, with Even saving them over ₹500 million (approximately $5.27 million) through more efficient care. The startup generates most of its revenue from patient payments and insurer partnerships, and is exploring compensation models based on preventing hospitalizations rather than volume treatments. Khosla Ventures sees Even’s model as a comprehensive solution integrating financing, technology, and care delivery to transform Indian healthcare economics.

Despite these advances, Even recorded a net loss of ₹902 million (about $9.50 million) in fiscal 2025, with revenue at ₹272 million ($2.86 million). The company underwent a workforce reduction of around 350 employees in August but continues to employ approximately 650 people, including 300 doctors. CEO Mayank Banerjee acknowledged that while the startup could become profitable if it halted expansion, it remains focused on growth to serve more patients. Khosla Ventures remains confident in Even’s potential to bring affordable, high-quality healthcare to India’s population, beginning with Bengaluru and eventually expanding beyond.