Khosla Leads $50 Million Even Healthcare Bet on Indian Hospitals
Even Healthcare raises $50 million at a $300 million valuation to expand Bengaluru hospitals, align doctor pay with outcomes and challenge treatment incentives.
Summary
On October 19, 2026, Even Healthcare announced a $50 million all equity Series B led by Khosla Ventures with Alpha Wave, valuing the Indian startup at $300 million, triple its valuation 18 months earlier, and lifting total funding above $120 million. Khosla Ventures has backed Even since its 2021 seed round. Co-founder Mayank Banerjee said unnecessary tests and surgery recommendations at partner hospitals drove Even to build its own facilities. Vinod Khosla said integrating financing, technology and care can reward outcomes instead of service volume; partner Jai Sajnani cited the hospitals’ early performance.
Even’s two Bengaluru hospitals reached operational profitability before depreciation within a year. It will fund five more in the city over six months, leasing buildings for 20 years and paying for fit outs and equipment. Doctors receive fixed salaries, patient outcome bonuses and equity rather than procedure linked pay; managers receive salaries and companywide incentives, marketers pursue patient numbers rather than revenue, and every employee owns equity. Patient payments provide most revenue, insurer relationships add more, and Even is developing payments for prevented hospitalizations. It tracks recovery with established measures including the Oxford Knee Score and publishes comparisons. Even claims unplanned readmissions below 1% versus an 8% to 15% benchmark, 40% shorter stays and insurer savings above ₹500 million, about $5.27 million.
Even nevertheless lost ₹902 million, about $9.50 million, in fiscal 2025, nearly 25% more year over year, on ₹272 million, about $2.86 million, in revenue. It laid off about 350 employees in August, providing severance, extended health insurance and accelerated equity vesting. Its remaining 650 employees include about 300 full time doctors; 250,000 members have generated more than 750,000 consultations, tests and surgeries since 2021. Banerjee said Even could become profitable within months by halting expansion, but it is prioritizing growth and has no disclosed profitability date.
Positives
- The $300 million valuation is triple Even Healthcare’s valuation 18 months earlier, with total funding now above $120 million.
- Two Bengaluru hospitals reached operational profitability before depreciation within one year of opening.
- Unplanned readmissions are below 1%, versus an industry benchmark of 8% to 15%, according to Even.
- Hospital stays are 40% shorter, while insurer savings exceed ₹500 million, about $5.27 million, Even claims.
- About 250,000 members have generated more than 750,000 patient interactions since Even launched in 2021.
Risks & concerns
- Fiscal 2025 produced a ₹902 million net loss, about $9.50 million, nearly 25% higher than the previous year.
- Revenue of ₹272 million, about $2.86 million, remained far below Even’s fiscal 2025 net loss.
- About 350 employees were laid off in August despite Even’s plans to open five additional Bengaluru hospitals.
- Even identified tests and surgery recommendations it considered unnecessary while relying on partner hospitals.
- No profitability date is disclosed because Even is choosing expansion over the near term profitability Banerjee says halting growth could deliver.