Even Healthcare Raises $50 Million Series B — Startup Funding India, October 2026

In the latest big-ticket deal in startup funding in India, Bengaluru-based Even Healthcare has raised $50 million in an all-equity Series B round led by Khosla Ventures, with participation from Alpha Wave. The round values the company at $300 million — triple its valuation of 18 months ago — and takes its total capital raised to more than $120 million.

Khosla Ventures, which backed ChatGPT-maker OpenAI early, has been invested in Even since its $5 million seed round in 2021, and this is a decisive doubling down. The reason: Even is attacking the business model of Indian hospitals themselves. Where hospitals typically earn more when patients undergo extra tests, longer stays and procedures, Even pays its doctors fixed salaries, gives equity to every employee, and even explores a model where insurers compensate it for hospitalisations it helps prevent.

Founded in 2021 by Mayank Banerjee, Matilde Giglio and Alessandro Ialongo, Even began by partnering with hospitals but decided to build its own after spotting unnecessary tests and surgeries being recommended to its members. It has since opened two hospitals in Bengaluru, both of which reached operational profitability (excluding depreciation) within a year. It plans to open five more in the city over the next six months, funded by this round.

The numbers are striking: an unplanned readmission rate of less than 1% (versus an industry benchmark of 8–15%), patients spending 40% less time in hospital, and over ₹500 million in insurer savings, per the company. Vinod Khosla called it "an important new model for healthcare in India and beyond."

The honest fine print: Even is still loss-making — a ₹902 million net loss in FY25 on ₹272 million revenue — and it laid off around 350 employees in August 2026 to sharpen its hospital-first focus. It now employs about 650 people, including some 300 full-time doctors, serves 250,000 members, and has logged over 750,000 patient interactions.