Even Healthcare funding values startup at $300M after $50M raise

The Even Healthcare funding is an all-equity Series B, meaning investors bought shares rather than lending money. Khosla Ventures led it and Alpha Wave also put in money. Even says the round sets its valuation at $300 million, triple what it was worth about 18 months ago.

With this round, Even has now raised more than $120 million since it was founded in 2021. Khosla has backed it from the very first seed round that year, so this is a long-time investor doubling down rather than a new name arriving.

Founder Mayank Banerjee started the company with Matilde Giglio and Alessandro Ialongo. Even began as a health membership that sent people to partner hospitals, then changed course and started running hospitals itself.

Even switched to owning hospitals because it didn’t like what it saw at partner sites. Banerjee says the startup found members had been given tests, or told they needed surgery, that Even judged unnecessary. In his view, patients were getting a poor experience and insurers were overpaying, so the fix was to control the hospital directly.

Even now runs two hospitals in Bengaluru. Banerjee says both covered their running costs, not counting depreciation (the yearly write-down of buildings and equipment), within their first year. Even leases the buildings on 20-year terms and pays to fit them out and equip them.

The new money mainly pays for more hospitals in the same city. Reports differ on the pace: Banerjee told one outlet Even would add five more Bengaluru hospitals within six months, while another report describes a network of five facilities by early 2027. Either way, the stated goal is to put a hospital within five kilometers of members across Bengaluru.

Even’s main idea is to remove the money motive for extra treatment. Its doctors get fixed salaries that don’t rise with the number of tests or operations they order. They can earn bonuses tied to how patients report feeling after treatment.

The same rule covers managers. Their pay comes from salary plus incentives based on how the whole company performs, not on procedures in their unit. Marketing staff are judged on how many patients they bring in, not how much those patients spend. Every employee, from surgeons to support staff, also gets shares in Even, so their reward comes from the company doing well over years.

To show the approach works, Even scores recovery using standard medical scales. For knee replacements it uses the Oxford Knee Score, which rates pain and movement, and it posts its results online next to figures from other health systems.

The headline numbers come from Even itself. It says fewer than 1% of its patients return to hospital unexpectedly, against a typical industry range of 8% to 15%. It also says patients stay about 40% less time in hospital, and that it has saved insurers more than ₹500 million (about $5.27 million).

Those are company-reported figures, and at least one industry analysis has pointed out that they will need independent checking as the network grows. Khosla Ventures partner Jai Sajnani says the early performance of the hospitals was a key reason the firm chose to lead.

The company as a whole still loses a lot of money. Regulatory filings show a net loss of ₹902 million (about $9.50 million) in fiscal 2025, nearly 25% bigger than the year before, on revenue of ₹272 million (about $2.86 million). In August, Even cut about 350 jobs. Banerjee called it a hard decision and says those affected got severance, longer health cover and faster vesting of their shares.

Even now employs about 650 people, around 300 of them full-time doctors. It has roughly 250,000 members and says it has logged more than 750,000 patient interactions, from consultations to surgeries, since 2021.

For patients in Bengaluru, the practical promise is simpler bills and less pressure to accept treatment they may not need. Most of Even’s revenue still comes from patients paying for care directly, with more coming through insurers.

The bigger change Even is testing is with insurers. It is working on deals where an insurer pays Even for hospital stays it helps avoid, not just for treatment delivered. That flips the usual model: keeping a member healthy becomes the product.

For readers in the US, UK and Canada, this is the same debate their own health systems keep having about paying for results instead of volume. Even is one live test of that idea, funded by a well-known Silicon Valley investor, and its next year of results will show whether it scales.

Some analysts have questioned the price. One comparison set Even’s valuation against its estimated capacity of around 140 beds and against Paras Health, an established chain with eight hospitals and 2,211 beds, which works out to a far higher value per bed for Even. The same analysis warned that per-bed math ignores Even’s membership base, technology and growth plans, so it can’t settle the question alone.

Banerjee says Even could become profitable within months if it stopped spending on expansion, but it is choosing to grow. He wouldn’t give a date for profitability.