Khosla Ventures Backs Even Healthcare to Disrupt India Hospitals
Even Healthcare secures $50M Series B led by Khosla Ventures, valuing the Indian startup at $300M as it builds its own hospitals to combat unnecessary medical treatments.
Stock photo for illustration only, not from the actual event
- Even Healthcare secures a $50 million Series B funding round led by Khosla Ventures.
- The round triples the startup's valuation to $300 million over 18 months.
- Even plans to build and operate its own hospitals to curb unnecessary medical tests.
- Doctors and staff receive fixed salaries and equity rather than fee-per-procedure incentives.
Even Healthcare has successfully raised $50 million in a Series B equity funding round led by Khosla Ventures, pushing the Indian startup's valuation to $300 million—triple its valuation from 18 months prior. According to the company, this latest injection brings Even's total capital raised to over $120 million, with additional participation from Alpha Wave.
Hospitals in India traditionally generate higher revenues when patients undergo supplementary diagnostic tests, extra procedures, or extended hospital stays, regardless of medical necessity. Even aims to disrupt this conventional model by shifting the core focus back to genuine patient care rather than driving up medical bills through superfluous treatments.
This patient-centric approach continues to resonate with Khosla Ventures, an investor in Even since its 2021 seed round. The Silicon Valley venture capital firm is doubling down as Even transitions toward constructing and managing its own proprietary hospitals, granting the startup greater oversight regarding clinical outcomes and operational costs.
"The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond."
Vinod Khosla, Founder of Khosla Ventures
Mayank Banerjee, who co-founded Even in 2021 alongside Matilde Giglio and Alessandro Ialongo, noted that the startup initially relied on partner hospitals. However, after discovering that patients were frequently recommended surgeries and diagnostics deemed unnecessary, leadership decided to pivot their business model.
Stock photo for illustration only, not from the actual event
Transforming hospital economics in a densely populated nation like India involves challenging deeply entrenched financial incentives where medical staff earn more through higher procedure volumes. Even's operational strategy of paying fixed salaries paired with bonuses tied strictly to health outcomes tackles the root cause of over-treatment. Nevertheless, financing physical infrastructure like proprietary hospitals inherently brings high initial capital expenditure and net operating losses, representing a classic growth-versus-profitability hurdle for modern HealthTech startups scaling physical operations.
Even has since launched two hospitals in Bengaluru, both achieving operational profitability—excluding depreciation—within their first year. Backed by the fresh capital, the startup intends to open five additional facilities across the southern Indian metropolis over the next six months, utilizing 20-year building lease agreements while funding interior fit-outs and advanced medical equipment.
Reflecting its core philosophy, Even compensates its physicians and management team through fixed salaries and company-wide equity rather than tying financial rewards to procedure counts. Furthermore, patient recovery is rigorously tracked using validated clinical indices, such as the Oxford Knee Score for knee replacements, with metrics transparently published on the company's official website.
Despite operational growth, Even reported a net loss of 902 million rupees (approximately $9.50 million) for fiscal 2025, marking an increase of nearly 25% year-over-year against revenues of 272 million rupees (about $2.86 million). In August, the startup restructured by laying off roughly 350 employees, a decision Banerjee described as difficult while confirming that affected staff received severance packages, extended medical coverage, and accelerated equity vesting. Even currently retains a workforce of approximately 650 employees—including nearly 300 full-time physicians—while serving about 250,000 members and logging over 750,000 patient interactions since launch.
Source: TechCrunch
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