Indian healthcare startup Even Healthcare has secured $50 million in a Series B funding round led by Khosla Ventures. The all-equity round, which also included participation from Alpha Wave, values the company at $300 million. This valuation represents a threefold increase compared to 18 months ago, bringing the startup's total capital raised to over $120 million.
Even Healthcare is shifting its business model from partnering with existing hospitals to building and operating its own facilities. The company currently operates two hospitals in Bengaluru, both of which reached operational profitability within a year. The new funding will support the opening of five additional hospitals in the city over the next six months.
The startup aims to reduce unnecessary medical procedures by paying its doctors fixed salaries rather than linking compensation to the number of tests or surgeries performed. Management and staff are also compensated through fixed salaries and company-wide incentives, with all employees receiving equity in the business to align long-term interests.
The company reports an unplanned readmission rate of under 1%, significantly lower than the industry benchmark of 8% to 15%. Even claims its model has reduced patient hospital stays by 40% and saved insurers more than ₹500 million. The startup currently serves approximately 250,000 members and has recorded over 750,000 patient interactions since 2021.
Despite its growth, Even remains unprofitable. Regulatory filings for fiscal 2025 show a net loss of ₹902 million on revenue of ₹272 million. The company recently underwent a restructuring in August, resulting in the layoff of 350 employees. Even currently maintains a workforce of 650 people, including 300 full-time doctors.
