- Published on
Khosla Ventures doubles down on Even Healthcare to challenge India’s hospital economics
- Authors
- Name
- DeepHorus
Even Healthcare raised $50 million in an all-equity Series B round led by Khosla Ventures. Alpha Wave also participated, valuing the Indian startup at $300 million, triple its valuation 18 months ago. Total capital raised now exceeds $120 million.
The Bengaluru-based company was founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. It wants to change Indian hospital economics, where providers often earn more from extra tests, procedures, or longer stays. Even argues that model harms patients and insurers.
Khosla Ventures has backed Even since its 2021 seed round and is doubling down as Even builds hospitals. Vinod Khosla said Even combines financing, technology, and care delivery rather than fixing isolated parts of a fragmented system. The goal is to reward better health outcomes, not more service use.
Even initially used partner hospitals but found patients had undergone tests or been recommended surgeries it considered unnecessary. “We decided to fix it by building our own hospitals,” Banerjee told TechCrunch. Even has opened two Bengaluru hospitals, both reaching operational profitability, excluding depreciation, within a year.
The startup plans five more Bengaluru hospitals in six months, funded by the new round. It leases buildings on 20-year agreements and invests in fit-outs and medical equipment. Unlike hospitals that may incentivize procedures, Even pays doctors fixed salaries.
Doctors can earn bonuses based on patient-reported clinical outcomes, while management pay is not tied to procedure volumes. Every employee, including doctors and staff, receives equity in Even. Most revenue comes from patients paying for treatment, plus insurer relationships.
Even is working with insurer partners on a model that could compensate it for hospitalizations it helps prevent. It tracks recovery with medical scoring systems, such as the Oxford Knee Score for knee replacements, and publishes results online. Khosla said results so far give him conviction that the model can become important in India and beyond.
