Every additional scan or procedure pushes an Indian hospital’s revenue higher, and Even Healthcare intends to run hospitals that earn the opposite way. The company has now banked $50M for that plan.
The Series B, entirely equity, was led by Khosla Ventures with Alpha Wave participating. Even puts its post-money at $300M, three times the mark it carried 18 months ago, and says lifetime capital now exceeds $120M. Khosla money has been in the company since the 2021 seed round.
Mayank Banerjee founded Even with Alessandro Ialongo and Matilde Giglio, initially sending members into hospitals run by partners. Case reviews convinced the team that unnecessary tests were being ordered and unnecessary surgeries offered, leaving both insurers and patients out of pocket. Owning the buildings became the answer instead of buying capacity from others.
Two open, five planned
Bengaluru already holds two Even hospitals, each turning an operating profit before depreciation inside twelve months. The fresh capital pays for five more in that city, to be added during the coming six months.
Clinicians collect salaries rather than fees per service, and financing, technology and delivery sit inside a single entity. Vinod Khosla, the firm’s founder, described the aim as paying for healthier outcomes rather than for heavier use of the system, adding that results so far justify pushing the concept further.
The route is expensive. Paying patients in India default to private hospitals and insurance coverage stays thin, so owning property and employing doctors puts Even in a head-on contest with the groups whose economics it wants inverted. Scale is the only way the math closes.
