Even Healthcare has raised $50 million in Series B funding led by Khosla Ventures, reaching a $300 million valuation and bringing its total capital to over $120 million.
The startup builds and operates its own hospitals, utilizing a compensation model where doctors receive fixed salaries and performance bonuses based on patient recovery metrics rather than medical procedures.
Khosla Ventures has been investing in Even since its first funding round in 2021. The company aspires to change hospital finances and doctor fees in India, emphasizing patient care instead of unnecessary treatments.
Hospitals and how they operate
To gain greater control over care and costs, Even builds and manages its own hospitals. So far, it has opened two hospitals in the city of Bangalore, which became financially viable within a year, and plans to open five more in the same city within the next six months.
The hospital buildings are rented on 20-year leases, while the company invests in the necessary equipment and the layout of the premises. Doctors receive a fixed salary and bonuses based on the progress of patients' health and not on the medical procedures they perform. Management executives receive salaries and incentives based on the progress of the entire company, while all employees receive shares.
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Results and financial data
The company tracks patient recovery using established medical assessment systems and publishes the results. According to the data it publishes, the unplanned hospital readmission rate is less than 1%, while patients spend 40% less time in the hospital.
Despite its growth, Even posted a net loss of 902 million rupees, or about $9,5 million, for fiscal year 2025, on revenue of 272 million rupees, or about $2,86 million. It also laid off about 350 employees in August.
Today, Even employs around 650 people, including 300 full-time doctors. The company has around 250.000 members and has recorded over 750.000 patient interactions since its founding in 2021.
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