Even Healthcare Funding: $50M for Own Hospitals Push

Bengaluru-based Even Healthcare has raised $50 million in an all-equity Series B funding round led by Khosla Ventures, with participation from Alpha Wave. The Even Healthcare funding round values the company at $300 million, about triple its valuation 18 months ago, and takes its total capital raised to more than $120 million. Khosla Ventures first backed the startup in its 2021 seed round and has now invested in every round since, doubling down as Even moves from working with partner hospitals to building and running its own.

How the Even Healthcare funding round was structured

The Series B funding is entirely primary equity, meaning the money goes into the company rather than buying out early shareholders. Even said the capital will pay for five more hospitals across Bengaluru over the next six months, starting with a facility in Indiranagar. The company currently runs two multispeciality hospitals in the city, on Race Course Road and in HBR Layout, and leases its hospital buildings on long-term agreements. Both existing hospitals turned profitable, excluding depreciation, within a year of opening, a record the company cites as proof that its model works at the unit level.

Even was founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo as an integrated managed care company, combining preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation and post-discharge recovery. For its first years it relied on partner hospitals to treat members. Banerjee told TechCrunch the startup began questioning that arrangement after finding patients had undergone tests or been recommended surgeries it considered unnecessary. The latest Even Healthcare funding will now bankroll the shift to hospital ownership, giving the company direct control over clinical decisions and costs.

Why Even Healthcare funding targets hospital ownership

The problem Even wants to fix is structural. Indian hospitals typically earn more when patients undergo extra tests, procedures or longer stays, even when they are not needed, while no one takes responsibility for patients between visits. The Even Healthcare funding thesis is that a hospital can make money by keeping people healthy instead: preventing avoidable admissions and shortening stays. Doctors at Even draw fixed salaries rather than pay linked to procedure volumes, and bonuses are tied to patient-reported outcomes. Every employee holds equity in the company.

Vinod Khosla, founder of Khosla Ventures, said Even's approach brings financing, technology and care delivery together. "The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond," he said in a prepared statement. Banerjee said the company's economics depend on keeping members healthy. "We stay with our members from their first consultation to the hospital bed and back home," he said.

Even Healthcare funding and the managed care model

Company-reported numbers suggest the model is working. Even says its unplanned hospital readmission rate is below 1%, against an industry benchmark of 8% to 15%, and that patients spend 40% less time admitted than the sector average. It claims the approach has saved insurers more than Rs 500 million so far, and that proactive interventions kept over 200 members out of hospital, saving patients an estimated Rs 15 to 16 crore. The latest Even Healthcare funding arrives as the company scales back its insurance business to focus on hospital delivery.

What the numbers show so far

The raise is large by Indian health-sector standards: $50 million in Series B funding sits in the top 3% of such rounds on record, according to Dealroom. Even's operating revenue rose to $3.69 million in FY25, though losses widened to $12.2 million and the company cut about 350 jobs as it pivoted toward hospitals, the data provider said. Whether the Even Healthcare funding can carry the capital-intensive move into hospital ownership to more cities will decide if the experiment scales beyond Bengaluru.