Bengaluru-based managed-care startup Even Healthcare has raised $50 million in a Series B funding round led by existing investor Khosla Ventures, with participation from Alpha Wave. The company plans to use the fresh capital to expand its hospital network in Bengaluru, starting with Indiranagar, and open five new hospitals over the next six months.
The funding values Even Healthcare at approximately $300 Mn, three times its valuation 18 months ago, according to the company. The latest round takes its total funding to more than $120 million.
- Mayank Banerjee’s Plan to Build a Different Healthcare Model
Founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo, Even Healthcare combines healthcare subscriptions, insurance partnerships and hospital operations under one model.
The startup aims to address a common problem in India's private healthcare system: patients often move between doctors and hospitals without consistent follow-up, while families face uncertainty over treatment decisions and medical expenses.
Even assigns members a care team that supports them through consultations, diagnostic tests, hospitalisation and recovery. If hospital treatment is required, the company says its model provides cashless care for eligible members.
- Five New Hospitals Planned in Bengaluru
Even currently operates two hospitals in Bengaluru. The latest funding will support five additional facilities over the next six months, beginning with Indiranagar, according to the company's announcement reported by TechCrunch.
The expansion marks a shift towards owning and operating healthcare facilities rather than relying only on partner hospitals. This gives Even greater control over treatment standards, patient experience and hospital costs.
The company says both existing hospitals achieved operational profitability within a year of opening, excluding depreciation. However, this does not mean the overall business is profitable.
- Patient Outcomes at the Centre of Its Model
Even says its doctors receive fixed salaries rather than being paid according to the number of tests or procedures they perform. Their performance is assessed using patient recovery and clinical outcomes, with bonuses linked to reported results.
The company reports an unplanned hospital readmission rate below 1%, compared with an industry benchmark of 8% to 15%. It also claims patients spend 40% less time in hospital. These figures are company-reported results and should not be treated as independently verified industry wide comparisons.
Technology is another part of its approach. Even says it uses systems to track patient recovery against clinical measures and support consistent treatment protocols.
- What the Funding Means for Investors
Khosla Ventures has backed Even since its $5 million seed round in 2021. Other investors in the startup's broader funding history include Founders Fund, 8VC, Alpha Wave, Lightrock and Sharrp Ventures.
For investors, the opportunity lies in whether Even can combine better patient outcomes with a financially sustainable hospital network. Running hospitals requires substantial investment in buildings, medical equipment, clinical teams and daily operations.
The company still faces a profitability challenge at the overall business level. TechCrunch reported that Even recorded revenue of Rs 27.2 crore and a net loss of approximately ₹90.2 crore in FY2025, based on regulatory filings.
The next phase will test whether its outcome-focused model can scale beyond individual hospitals while maintaining clinical standards and controlling costs.
- Founder’s Vision for Expansion
Co-founder Mayank Banerjee has said the long-term ambition is to bring an Even hospital within five kilometres of every member in Bengaluru before expanding the model to other major Indian cities.
Vinod Khosla, founder of Khosla Ventures, has backed the company's approach of bringing healthcare financing, technology and care delivery together, with greater emphasis on patient health rather than the volume of medical services used.
For India's healthtech sector, Even's next chapter will be about more than raising capital. Its ability to deliver measurable patient outcomes while building a profitable hospital network will determine how far the model can grow.
The Unicorn Magazine:- Editing by Deepak Singh
