Even Healthcare raises $50M to rewire India's hospital model
Original: Khosla Ventures doubles down on Even Healthcare to challenge India’s hospital economics
Why This Matters
A rare model tying doctor pay to outcomes, not procedures, at meaningful scale in India.
Even Healthcare closed a $50M Series B led by Khosla Ventures, valuing the Indian startup at $300M — triple its valuation 18 months ago. Total capital raised now exceeds $120M, with Alpha Wave also participating.
Even Healthcare, founded in 2021 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, is taking aim at a deeply entrenched problem in Indian healthcare: hospitals profit more when patients undergo additional tests, procedures, or extended stays — whether or not they need them. Even's answer is to build and operate its own hospitals, pay doctors fixed salaries, and tie bonuses to patient-reported outcomes rather than procedure volume.
The $50M all-equity Series B brings total funding past $120M. Khosla Ventures, which has backed Even since its 2021 seed round, led this round again. Founder Vinod Khosla said in a statement that Even's model — combining financing, technology, and care delivery — is designed to "reward better health outcomes rather than greater use of healthcare services."
The shift to owning hospitals came after Even, which initially worked through partner hospitals, found patients were receiving unnecessary tests and surgeries. Two self-operated hospitals in Bengaluru have already reached operational profitability (excluding depreciation) within a year of opening. Even plans to open five more in the same city over the next six months using the new funds, leasing buildings on 20-year agreements and fitting them out with its own medical equipment.