Even Healthcare: Raises $50 million, valued at $300 million

Even Healthcare has raised $50 million in an all-equity funding round led by Khosla Ventures, valuing the Bengaluru-based healthcare company at $300 million, according to TechCrunch. Alpha Wave also participated. Even said the valuation was three times its level 18 months earlier and that total capital raised now exceeded $120 million.^[1]

The company plans to use the funding to open five more hospitals in Bengaluru. Co-founder Mayank Banerjee told TechCrunch that Even already operated two hospitals in the city and intended to add the new facilities over the following six months. Its expansion centres on a model that pays doctors fixed salaries rather than linking their compensation to the number of tests or surgeries they perform.^[1]

The hospital-level economics and the company’s overall finances present different pictures. Banerjee said both hospitals had reached operational profitability, excluding depreciation, within a year of opening. But TechCrunch, citing regulatory filings, reported a company-wide net loss equivalent to about $9.50 million in fiscal 2025 on revenue of about $2.86 million.^[1]

From hospital partnerships to operating its own facilities

Khosla Ventures’ relationship with Even predates the hospital expansion. In its seed-funding announcement, Even disclosed a $5 million round led by the investor, with participation from Founders Fund, Lachy Groom and others. At that stage, the company described a subscription service built around partnerships with hospitals, combining consultations, diagnostics and hospital care.^[2]

Operating hospitals gives Even more direct control over treatment and costs than relying on partner facilities alone. Banerjee told TechCrunch that the company changed course after encountering tests and surgical recommendations for its members that it considered unnecessary. That assessment was the company’s explanation for the shift, rather than a finding about the wider hospital sector.^[1]

Even does not buy the buildings outright under the arrangement Banerjee described. It leases hospital premises on 20-year agreements, then spends on fitting them out and purchasing medical equipment. The expansion therefore involves running physical healthcare facilities while using leased property.^[1]

A CNBC-TV18 report published on 6 January 2026 described a separate $20 million funding round and Even’s statement that its first hospital had reached operating break-even in under six months. Banerjee said that capital would support hospital development, preventive care, clinical teams and technology. The report provides an earlier milestone in the move from a partner network towards directly operated hospitals; it is not the $50 million transaction reported by TechCrunch.^[3]

How Even links pay to patient outcomes

Even calls its approach managed care: coordinating consultations, diagnostics, hospital treatment and recovery rather than treating each encounter as a separate service. Banerjee told CNBC-TV18 that an existing membership base around its hospitals helped bring patients into the facilities and supported earlier break-even.^[3]

The compensation arrangements described to TechCrunch extend beyond doctors. Hospital managers are not rewarded according to procedure volumes, and marketing teams focus on bringing in patients rather than the revenue generated by those patients. Banerjee said every employee, including doctors and hospital staff, receives equity in Even.^[1]

These arrangements are intended to reduce the financial incentive to recommend additional treatment, according to Banerjee’s account to TechCrunch. They describe how Even organises incentives; they do not, by themselves, establish whether every treatment decision produces a better outcome.^[1]

Most revenue still comes from patients paying for treatment, Banerjee said. Even also earns revenue through insurer relationships and is working with insurer partners on an arrangement that could pay it for hospitalisations it helps prevent. That prevention-linked payment model remains under development, rather than an established revenue stream in his account.^[1]

Vinod Khosla, founder of Khosla Ventures, said in a prepared statement quoted by TechCrunch that Even’s approach combined financing, technology and care delivery, with the aim of rewarding health outcomes rather than greater use of services. Khosla Ventures partner Jai Sajnani told the publication that the early performance of Even’s hospitals was an important reason for leading the round.^[1]

Clinical results need their measurement context

Banerjee told TechCrunch that Even tracks recovery using medical scoring systems. For knee replacements, it uses the Oxford Knee Score to assess pain and mobility, and publishes results alongside figures from other healthcare systems for comparison.^[1]

Even reported an unplanned readmission rate below 1%, against an industry benchmark it put at 8% to 15%. It also said patients spent 40% less time in hospital and that its approach had saved insurers more than Rs 50 crore, according to TechCrunch. These are company-reported results, not findings of an independent clinical evaluation presented in that report.^[1]

The January 2026 CNBC-TV18 report described a more narrowly defined early patient group: Even reported no unplanned readmissions within 30 days and no post-operative infections across more than 350 surgeries at its own facility. That cohort result should not be read as a guarantee for all patients or directly equated with the broader readmission rate. TechCrunch’s account does not specify the patient population or measurement period behind the below-1% figure.^[3][1]

Expansion follows restructuring and company-wide losses

The shift towards hospitals has also involved job cuts. Moneycontrol reported that around 350-400 employees were laid off during a restructuring, citing people familiar with the matter. Its sources linked the changes to resource allocation as Even prioritised hospital expansion.^[4]

Banerjee acknowledged the restructuring to TechCrunch and said affected employees received severance, extended health insurance and accelerated equity vesting. He put Even’s workforce at about 650 people, including around 300 full-time doctors. He also said the company had about 250,000 members and had recorded more than 750,000 patient interactions, including consultations, tests and surgeries.^[1]

TechCrunch’s filing-based account showed the fiscal 2025 net loss was nearly 25% higher than in the previous year. The reported hospital profitability measure excludes depreciation, the accounting charge that spreads the cost of assets over their useful lives. It should therefore not be confused with a company-wide net profit.^[1]

Banerjee told TechCrunch that Even could become profitable within months if it stopped spending on expansion, but said it was choosing to grow. He declined to give a timetable for company-wide profitability.^[1]

References

1. TechCrunch. Khosla Ventures doubles down on Even Healthcare to challenge India’s hospital economics.
2. Even Healthcare. Announcing Even’s Seed Round.
3. CNBC-TV18. Hospitals take years to break even. Even Healthcare did it in six months. 6 January 2026.
4. Moneycontrol. Even Healthcare lays off 350 employees amid business restructuring.