Khosla Ventures backs India's Even Healthcare with new $50M round

Even Healthcare, an Indian startup aiming to change how the country’s hospitals get paid and how doctors are compensated, has raised $50 million in an all-equity Series B led by Khosla Ventures, with Alpha Wave also participating. The round values Even at $300 million, about triple what it was worth 18 months earlier, and brings total funding raised to more than $120 million. Khosla Ventures has backed Even since its 2021 seed round.

Indian hospitals generally make more money the more tests, procedures, and extra bed-days they order, even when a patient doesn’t need them. Even wants to reward better outcomes instead: co-founder Mayank Banerjee said the company began building its own hospitals after concluding that its partner hospitals were steering patients toward unnecessary tests and surgeries — a bad deal for both patients and insurers. Doctors and hospital managers at Even draw fixed salaries rather than pay tied to procedure volume, and every employee holds equity in the company. Its first two hospitals, in Bengaluru, each turned profitable (excluding depreciation) within a year of opening; the new funding will pay for five more there over the next six months.

Khosla, the firm’s founder, said the results so far give him conviction that Even’s model “can become an important new model for healthcare in India and beyond.” Even reports an unplanned hospital-readmission rate under 1%, against a sector benchmark of 8% to 15%, says patients spend 40% less time admitted, and claims the model has saved insurers over ₹500 million — roughly $5.27 million — so far.

Profitability is still out of reach for the company as a whole: regulatory filings show a fiscal 2025 net loss of ₹902 million (about $9.50 million), nearly 25% wider than the year before, against revenue the filings put at ₹272 million (about $2.86 million). In August, per Indian startup-news outlet Entrackr, Even laid off roughly 350 employees — a restructuring Banerjee called difficult, saying affected staff received severance, extended health coverage, and accelerated equity vesting. Even’s workforce now stands at about 650 people, including roughly 300 doctors, and the startup counts around 250,000 members. Banerjee said the company could turn a profit in a matter of months by halting expansion spending, but it is choosing growth instead, declining to give a profitability timeline.

Why it matters

Khosla’s own framing — a model for healthcare “in India and beyond” — points to export potential for outcomes-based hospital care in other price-sensitive markets, even as Even’s widening losses underscore that the approach is not yet proven profitable.