Even Healthcare has raised $50 million in a funding spherical led by Khosla Ventures, because the Indian startup seeks to alter how hospitals on the planet’s most populous nation become profitable and the way docs are rewarded.
The all-equity Sequence B spherical additionally noticed participation from Alpha Wave and valued it at $300 million, triple its valuation 18 months in the past, in response to Even. The most recent funding brings Even’s complete capital raised to greater than $120 million.
Hospitals in India sometimes earn extra when sufferers bear further checks, procedures, or longer stays, even when they might not want them. Even needs to alter that by specializing in affected person care relatively than pushing pointless remedies that drive up medical payments.
That strategy has continued to attraction to Khosla Ventures, which has invested in Even since its seed spherical in 2021. The Silicon Valley enterprise agency is doubling down as Even strikes to construct and function hospitals of its personal, giving it larger management over affected person care and prices.
Vinod Khosla, founding father of Khosla Ventures, mentioned Even’s strategy goes past fixing particular person components of a fragmented healthcare system by bringing financing, know-how, and care supply collectively. The aim, he mentioned in a ready assertion, is to reward higher well being outcomes relatively than larger use of healthcare companies.
“The scientific and financial outcomes up to now give us conviction that this will change into an necessary new mannequin for healthcare in India and past,” Khosla mentioned.
Initially, Even relied on associate hospitals to deal with its members, however co-founder Mayank Banerjee mentioned in an interview that the startup started questioning that mannequin after discovering that sufferers had undergone checks or been advisable surgical procedures it thought-about pointless.
“We predict sufferers are getting not solely a nasty expertise, however insurers are getting a nasty financial deal. And because of this, we determined to repair it by constructing our personal hospitals,” Banerjee informed TechCrunch.
Even has since opened two hospitals in Bengaluru, each of which reached operational profitability, excluding depreciation, inside a yr of opening, Banerjee said. The startup plans to open 5 extra hospitals within the southern Indian metropolis over the subsequent six months, funded by its newest spherical.
Banerjee informed TechCrunch that Even leases hospital buildings on 20-year agreements and spends on becoming them out and shopping for medical tools.
In contrast to hospitals the place docs might have monetary incentives to suggest extra procedures, Even pays its docs fastened salaries — not tying their compensation to the variety of checks or surgical procedures they carry out, although Banerjee mentioned docs can earn bonuses based mostly on patient-reported scientific outcomes.
The identical precept extends to hospital administration, whose compensation isn’t linked to the variety of procedures carried out, Banerjee informed TechCrunch. Managers, he mentioned, obtain salaries and company-wide incentives, whereas advertising groups concentrate on bringing in sufferers as a substitute of the income these sufferers generate. Furthermore, each worker, together with docs and different hospital workers, receives fairness in Even. The thought is to provide staff a stake within the startup’s long-term efficiency, to not reward them for producing extra medical payments.
Most of Even’s income comes from sufferers paying for therapy, Banerjee mentioned. The startup additionally generates income via its relationships with insurers. It’s also working with insurer companions on a mannequin that might compensate it for hospitalizations it helps stop, not merely for offering extra therapy.
Banerjee informed TechCrunch that Even tracks how sufferers get better after therapy utilizing established medical scoring methods. Within the case of knee replacements, as an example, it makes use of the Oxford Knee Rating to measure ache and mobility. The startup publishes outcomes on its website, alongside figures from different healthcare methods for comparability.
Even says its hospitals have an unplanned readmission fee of lower than 1%, in contrast with an business benchmark of 8% to fifteen%. Moreover, it claims sufferers spend 40% much less time within the hospital and that its strategy has saved insurers greater than ₹500 million (about $5.27 million).
Jai Sajnani, a associate at Khosla Ventures, informed TechCrunch that the early efficiency of Even’s hospitals was a key cause the agency led the spherical. “We stay up for serving to the Even group put high quality care inside attain of each household in Bengaluru and throughout India,” he mentioned.
Even remains to be shedding cash, although. The startup posted a internet lack of ₹902 million (about $9.50 million) in fiscal 2025, practically 25% greater than the earlier yr, on income of ₹272 million (about $2.86 million), regulatory filings present.
In August, Even additionally laid off about 350 employees, in response to Indian startup-news web site Entrackr. Banerjee acknowledged the restructuring and known as it a tough determination. He mentioned the affected staff acquired severance, prolonged medical health insurance, and accelerated fairness vesting.
Even presently employs about 650 folks, together with round 300 docs full-time. The startup has about 250,000 members and has recorded greater than 750,000 affected person interactions since its launch in 2021, together with consultations, diagnostic checks, and surgical procedures, Banerjee mentioned.
Banerjee informed TechCrunch that Even might flip worthwhile inside months if it stopped spending on growth, however the startup is selecting to develop as a substitute. He declined to say when the startup expects to change into worthwhile.
“Proper now, we’re investing in development and serving extra sufferers,” Banerjee mentioned.
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