Khosla Ventures doubles down on Even Healthcare to challenge India’s hospital economics

Even Healthcare has raised $50 cardinal successful a backing circular led by Khosla Ventures, arsenic the Indian startup seeks to alteration however hospitals successful the world’s astir populous state marque wealth and however doctors are rewarded.

The all-equity Series B circular besides saw information from Alpha Wave and valued it astatine $300 million, triple its valuation 18 months ago, according to Even. The latest backing brings Even’s full superior raised to much than $120 million.

Hospitals successful India typically gain much erstwhile patients acquisition further tests, procedures, oregon longer stays, adjacent erstwhile they whitethorn not request them. Even wants to alteration that by focusing connected diligent attraction alternatively than pushing unnecessary treatments that thrust up aesculapian bills.

That attack has continued to entreaty to Khosla Ventures, which has invested successful Even since its seed round successful 2021. The Silicon Valley task steadfast is doubling down arsenic Even moves to physique and run hospitals of its own, giving it greater power implicit diligent attraction and costs.

Vinod Khosla, laminitis of Khosla Ventures, said Even’s attack goes beyond fixing idiosyncratic parts of a fragmented healthcare strategy by bringing financing, technology, and attraction transportation together. The goal, helium said successful a prepared statement, is to reward amended wellness outcomes alternatively than greater usage of healthcare services.

“The objective and economical results truthful acold springiness america condemnation that this tin go an important caller exemplary for healthcare successful India and beyond,” Khosla said.

Initially, Even relied connected spouse hospitals to dainty its members, but co-founder Mayank Banerjee said successful an interrogation that the startup began questioning that exemplary aft uncovering that patients had undergone tests oregon been recommended surgeries it considered unnecessary.

“We deliberation patients are getting not lone a atrocious experience, but insurers are getting a atrocious economical deal. And arsenic a result, we decided to hole it by gathering our ain hospitals,” Banerjee told TechCrunch.

Even has since opened 2 hospitals successful Bengaluru, some of which reached operational profitability, excluding depreciation, wrong a twelvemonth of opening, Banerjee stated. The startup plans to unfastened 5 much hospitals successful the confederate Indian metropolis implicit the adjacent six months, funded by its latest round.

Banerjee told TechCrunch that Even leases infirmary buildings connected 20-year agreements and spends connected fitting them retired and buying aesculapian equipment.

Unlike hospitals wherever doctors whitethorn person fiscal incentives to urge much procedures, Even pays its doctors fixed salaries — not tying their compensation to the fig of tests oregon surgeries they perform, though Banerjee said doctors tin gain bonuses based connected patient-reported objective outcomes.

The aforesaid rule extends to infirmary management, whose compensation is not linked to the fig of procedures performed, Banerjee told TechCrunch. Managers, helium said, person salaries and company-wide incentives, portion selling teams absorption connected bringing successful patients alternatively of the gross those patients generate. Moreover, each employee, including doctors and different infirmary staff, receives equity successful Even. The thought is to springiness employees a involvement successful the startup’s semipermanent performance, not to reward them for generating much aesculapian bills.

Most of Even’s gross comes from patients paying for treatment, Banerjee said. The startup besides generates gross done its relationships with insurers. It is besides moving with insurer partners connected a exemplary that could compensate it for hospitalizations it helps prevent, not simply for providing much treatment.

Banerjee told TechCrunch that Even tracks however patients retrieve aft attraction utilizing established aesculapian scoring systems. In the lawsuit of genu replacements, for instance, it uses the Oxford Knee Score to measurement symptom and mobility. The startup publishes results on its website, alongside figures from different healthcare systems for comparison.

Even says its hospitals person an unplanned readmission complaint of little than 1%, compared with an manufacture benchmark of 8% to 15%. Furthermore, it claims patients walk 40% little clip successful the infirmary and that its attack has saved insurers much than ₹500 cardinal (about $5.27 million).

Jai Sajnani, a spouse astatine Khosla Ventures, told TechCrunch that the aboriginal show of Even’s hospitals was a cardinal crushed the steadfast led the round. “We look guardant to helping the Even squad enactment prime attraction wrong scope of each household successful Bengaluru and crossed India,” helium said.

Even is inactive losing money, though. The startup posted a nett nonaccomplishment of ₹902 cardinal (about $9.50 million) successful fiscal 2025, astir 25% much than the erstwhile year, connected gross of ₹272 cardinal (about $2.86 million), regulatory filings show.

In August, Even besides laid disconnected astir 350 employees, according to Indian startup-news website Entrackr. Banerjee acknowledged the restructuring and called it a hard decision. He said the affected employees received severance, extended wellness insurance, and accelerated equity vesting.

Even presently employs astir 650 people, including astir 300 doctors full-time. The startup has astir 250,000 members and has recorded much than 750,000 diligent interactions since its motorboat successful 2021, including consultations, diagnostic tests, and surgeries, Banerjee said.

Banerjee told TechCrunch that Even could crook profitable wrong months if it stopped spending connected expansion, but the startup is choosing to turn instead. He declined to accidental erstwhile the startup expects to go profitable.

“Right now, we’re investing successful maturation and serving much patients,” Banerjee said.