Even Healthcare, an Indian startup, has raised $50 million in a Series B funding round, with Khosla Ventures as the lead investor. The round also saw participation from Alpha Wave and values the company at $300 million, which is triple its valuation from 18 months prior. This latest funding brings Even's total capital raised to more than $120 million.
The startup aims to alter the financial models of hospitals in India and how doctors are compensated, focusing on patient care over potentially unnecessary treatments. Khosla Ventures has been an investor in Even since its seed round in 2021 and is increasing its investment as Even moves to build and operate its own hospitals.
Even has already opened two hospitals in Bengaluru, both of which reportedly achieved operational profitability within a year. The company plans to open five additional hospitals in the southern Indian city over the next six months, using the funds from its recent investment round.
Unlike traditional hospitals where doctors may have financial incentives for more procedures, Even pays its doctors fixed salaries. Doctors can earn bonuses based on patient-reported clinical outcomes, and all employees, including doctors and hospital staff, receive equity in the company.
Even reported a net loss of approximately $9.50 million in fiscal 2025, an increase of nearly 25% from the previous year, on revenues of about $2.86 million. The startup also laid off around 350 employees in August, a decision co-founder Mayank Banerjee described as difficult, with affected employees receiving severance, extended health insurance, and accelerated equity vesting.