Even Healthcare, an Indian startup founded in 2021, has raised $50 million in an all-equity Series B round led by Khosla Ventures, with Alpha Wave also participating. The round values the company at $300 million, triple its valuation 18 months ago, and brings total funding to more than $120 million. The company is building its own hospitals to challenge the traditional Indian hospital model, where revenue often depends on patients undergoing extra tests, procedures, or longer stays.
Even initially relied on partner hospitals but switched to owning facilities after finding that patients were receiving tests and surgeries it considered unnecessary. It now operates two hospitals in Bengaluru that reached operational profitability, excluding depreciation, within a year of opening, and plans to open five more in the next six months. Doctors are paid fixed salaries, with bonuses based on patient-reported clinical outcomes, and management compensation is not tied to procedure volume. All employees receive equity in the company.
The company reports better outcomes: an unplanned readmission rate below 1% versus an industry benchmark of 8–15%, patients spending 40% less time in hospital, and more than ₹500 million saved for insurers. However, Even is still loss-making, posting a net loss of ₹902 million in fiscal 2025 on revenue of ₹272 million. It also laid off about 350 employees in August. CEO Mayank Banerjee said the company could turn profitable within months if it stopped spending on expansion, but it is choosing to invest in growth instead.