Even Healthcare raises $50M to build its own hospitals and challenge India's care economics
What's the deal? Even Healthcare has raised $50 million in a Series B round led by existing investor Khosla Ventures, with participation from Alpha Wave. The Bengaluru-based startup was valued at $300 million — triple its last Series A — and will use the money to build and operate its own hospitals.
What's the endgame? Even wants to change how Indian hospitals earn money. Most profit from extra tests, procedures, and longer stays; Even's managed-care model aims to make money by preventing avoidable admissions and shortening stays instead.
Why own hospitals? Even initially relied on partner hospitals, but co-founder Mayank Banerjee said patients were getting unnecessary tests and surgeries. "We decided to fix it by building our own hospitals," he told TechCrunch. It pays doctors fixed salaries, with bonuses tied to patient-reported outcomes rather than procedure volume.
The investor view: Khosla Ventures first backed Even in its 2021 seed round and has invested in every round since. Founder Vinod Khosla said the model brings financing, technology, and care delivery together. "The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond," he said.
How big is this round? For a Series B in India's health sector, $50 million sits in the top 3% of all such rounds on record. The raise brings Even's total capital to more than $120 million.
What could go wrong? The pivot is capital-intensive and unproven at scale. FY25 operating revenue rose to US$3.69M, but losses widened to US$12.2M, and Even reportedly cut about 350 jobs as it shifted toward hospital delivery.
Why now? Even has opened two hospitals in Bengaluru, both reaching operational profitability within a year, Banerjee said. It plans five more in the city over the next six months, funded by this round, leasing buildings on 20-year terms and fitting them out itself.
The signal: The raise lands amid a broad Indian hospital expansion, with ICRADealroom has a profile for this one. Try Dealroom → projecting roughly US$4.07B–US$4.35B of hospital capex by FY27. Even's bet is distinct: profit from less care, not more. Khosla's follow-on signals conviction — but the test is whether Even can replicate early break-even while scaling.
Read more: TechCrunch
Image credit: Even
