Indian startup Even Healthcare raises $50 million in round led by Khosla Ventures
Indian healthcare startup Even Healthcare has secured $50 million in a round led by Silicon Valley's Khosla Ventures. The company is building its own hospitals, where doctors' pay is not tied to the number of procedures they perform.
Even Healthcare, an Indian healthcare startup, has raised $50 million in a Series B round led by Khosla Ventures, a Silicon Valley venture capital firm. Alpha Wave also took part. According to the company, it is now valued at $300 million, triple the figure of 18 months ago, and its total funding exceeds $120 million. Even aims to change how hospitals earn money and how doctors are paid in India, the world's most populous country.
Why change the model
Hospitals in India typically earn more when patients have extra tests, procedures or longer stays, even if these may not be needed. Even initially treated its members at partner hospitals, but co-founder Mayank Banerjee says the company began questioning that approach after finding that patients had undergone tests or been recommended surgeries it considered unnecessary. It therefore decided to build its own hospitals.
Even has so far opened two hospitals in Bengaluru, and Banerjee says both reached operational profitability, excluding depreciation, within a year. Using the new funds, it plans to open five more within six months. The buildings are leased for 20 years, while the company pays for fit-out and medical equipment.
Pay not linked to procedure volume
Even pays its doctors fixed salaries, though they can earn bonuses based on clinical outcomes reported by patients. Management pay is also unrelated to procedure counts, and every employee receives equity. Most revenue comes from patients paying for treatment, with additional income from insurer relationships.
The company says its unplanned readmission rate is below 1%, against an industry benchmark of 8% to 15%. It also says patients spend 40% less time in hospital and that insurers have saved more than ₹500 million (about $5.27 million).
Losses and layoffs
Even remains loss-making. It posted a net loss of ₹902 million (about $9.5 million) in fiscal 2025, nearly 25% more than a year earlier, on revenue of ₹272 million. In August it laid off about 350 employees. It now employs roughly 650 people, including about 300 doctors. Banerjee says Even could become profitable within months if it stopped spending on expansion, but it has chosen to keep growing.
