Khosla Ventures backs Even Healthcare's $50 million Series B to build its own hospitals

Even Healthcare secured $50 million in an all-equity Series B round led by Khosla Ventures, with participation from Alpha Wave, pushing its valuation to $300 million, triple the level a year and a half earlier. The startup, which has raised over $120 million total, intends to use the funds to open five additional hospitals in Bengaluru, joining two already operating profitably after a year. Founder Mayank Banerjee explained that owning hospitals lets Even control care quality and eliminate financial incentives for unnecessary procedures, paying doctors fixed salaries and rewarding outcomes.

Employees, including clinicians, receive equity stakes, and the firm reports readmission rates below 1% versus an industry benchmark of 8-15%. Even still posted a fiscal-2025 net loss of ₹902 million on revenue of ₹272 million and recently cut about 350 jobs, but says the model saves insurers more than ₹500 million and could become profitable if expansion slows.