Analysis
Even Healthcare, a Bengaluru hospital operator built on what it calls a "payvider" model, raised a $50 million all-equity Series B led by Khosla Ventures, with participation from Alpha Wave, TechCrunch reported.
The round triples Even's valuation to $300 million from where it stood 18 months earlier and pushes the company's total venture funding past $120 million.
Khosla has now backed Even through at least three rounds since leading its 2021 seed, including a 2022 raise and a round that more than doubled its valuation within the past year, according to BioSpectrum India. Founders Mayank Banerjee, Matilde Giglio and Alessandro Ialongo started the company in 2021 and opened its first Bengaluru hospital in July 2025.
“The round triples Even's valuation to $300 million from where it stood 18 months earlier and pushes the company's total venture funding past $120 million.”
Flipping hospital economics
Rather than license its brand to existing hospitals, Even builds and runs its own facilities under 20-year leases and pays doctors fixed salaries with bonuses tied to patient-reported outcomes instead of procedure volume. Members pay a subscription covering diagnostics, consultations and hospitalization costs up to ₹50 lakh (about $53,000), and Even only partners with hospitals that guarantee care for its members in exchange for a recurring monthly fee.
The structure borrows from U.S. value-based-care operators like Oak Street Health, which CVS Health bought for $10.6 billion in 2023, and ChenMed -- both built or ran their own clinics rather than selling software to incumbents. In India, Even is still a minnow next to Apollo Hospitals and Narayana Health, which run hundreds of facilities largely on fee-for-service billing; neither has committed publicly to a capitated model like Even's, leaving the company a narrow but largely uncontested lane for now.
Even says its two Bengaluru hospitals turned operationally profitable, excluding depreciation, within a year of opening, and it plans five more in the city over the next six months. Unplanned readmissions run under 1%, against an industry benchmark of 8% to 15%, and the company claims patients spend 40% less time admitted.
Its FY2025 financials tell a rougher story: revenue of roughly ₹27.2 crore against a net loss of about ₹90.2 crore, up nearly 25% from the prior year -- call it $2.9 million in revenue against a $9.5 million loss.
The company employs about 650 people, including roughly 300 full-time doctors, and has served about 250,000 members across more than 750,000 patient interactions since 2021.
For LPs underwriting Khosla's healthcare bets, the thesis is that owning the hospital -- not just selling software into one -- is what actually bends India's cost curves in a market where insurers and incumbent chains have little incentive to change on their own. Khosla Ventures has built a pattern of concentrated, repeat checks into category bets like this rather than spreading capital thin across competing approaches.
But a $300 million valuation on under $3 million of annual revenue is priced almost entirely on growth assumptions, not current unit economics, and Even cut roughly 350 employees in August even as it was raising fresh capital -- a sign the current hospital count isn't yet throwing off the cash the model needs. The company hasn't disclosed when it expects group-level profitability.
Whether the next five Bengaluru hospitals hit break-even as fast as the first two did is the number that will tell LPs if this model scales or just moves the losses to a bigger base.