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Khosla Ventures leads $50M Series B in Even Healthcare as Indian startup expands hospital operations

Confirmed1 source · Oct 19, 2026

Even Healthcare, which challenges India's fee-for-service hospital model through outcome-based incentives and owned facilities, raises funding to open five additional hospitals in Bengaluru.

Khosla Ventures leads $50M Series B in Even Healthcare as Indian startup expands hospital operations
Image via TechCrunch

What happened

Even Healthcare closed a $50 million Series B led by Khosla Ventures with participation from Alpha Wave, valuing the startup at $300 million—triple its valuation from 18 months prior. Total capital raised now exceeds $120 million. The startup, founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, has opened two hospitals in Bengaluru that achieved operational profitability within one year; it plans to open five more in the city over the next six months using Series B proceeds. Even reported a net loss of ₹902 million (approximately $9.50 million) in fiscal 2025 on revenue of ₹272 million (approximately $2.86 million), and laid off about 350 employees in August, leaving the startup with roughly 650 employees including 300 full-time doctors. The company serves approximately 250,000 members and has recorded more than 750,000 patient interactions since launch.

Context

Even operates on a structural alternative to India's prevailing hospital economics, where facilities typically generate revenue by recommending additional tests, procedures, and longer patient stays. By aligning financial incentives with health outcomes rather than service volume, Even addresses a market dysfunction: insurer losses from unnecessary care and patient dissatisfaction. The startup pays doctors fixed salaries with outcome-based bonuses rather than procedure-based compensation, and extends this principle to hospital management and all employees through equity grants. Early performance metrics support the model—Even claims unplanned readmission rates below 1% versus industry benchmarks of 8-15%, patients spending 40% less hospital time, and savings exceeding ₹500 million for insurance partners. Khosla Ventures' continued backing signals confidence in this approach, though Even remains unprofitable despite rapid expansion, indicating the startup is prioritizing growth over near-term profitability.