Even Healthcare, a Bengaluru-based managed care startup that runs its own hospitals, has raised $50 million in an all-equity Series B round led by existing backer Khosla Ventures. Alpha Wave also participated in the round, valuing it at $300 million, about three times its valuation 18 months ago.

The fresh capital takes Even Healthcare’s total funding past $120 million. The company last raised $20 million in January 2026 in a round led by Lachy Groom and Alpha Wave, and Khosla Ventures has backed it since its seed round in 2021.

The round and its investors

Vinod Khosla, founder of Khosla Ventures, said the approach brings financing, technology and care delivery together instead of fixing individual parts of a fragmented system. “The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond,” he said in a prepared statement.

The round is bigger than earlier reports. In August 2026, Entrackr reported that Even Healthcare was set to raise about Rs 208 crore, or roughly $22 million, led by Khosla Ventures.

Why Even is building hospitals instead of renting them

Even Healthcare began as a membership business using partner hospitals. Mayank Banerjee, who founded the company with Matilde Giglio and Alessandro Ialongo, said the team began questioning that model after finding patients who had undergone tests or been advised surgeries that the company considered unnecessary.

“We think patients are getting not only a bad experience, but insurers are getting a bad economic deal. And as a result, we decided to fix it by building our own hospitals,” Banerjee told TechCrunch.

The company now runs two multi-speciality hospitals in Bengaluru, one on Race Course Road and another in HBR Layout. Both reached operational profitability, excluding depreciation, within a year of opening, according to Banerjee. Even Healthcare leases hospital buildings on 20-year agreements and funds the fit-out and equipment itself.

How the money will be used

The new funding is earmarked for five more hospitals in Bengaluru over the next six months. It will look at other cities only after Bengaluru is well served.

Doctors there are on fixed salaries, with pay not linked to procedures or revenue, and bonuses tied to patient-reported clinical outcomes. Every employee, including doctors and hospital staff, receives equity in the company.

Read more: Confido Health Raises $12.5 Million to Automate Healthcare Administration With AI. That startup is attacking the same broken economics from the paperwork side.

The numbers: revenue, losses and an August reset

Even Healthcare is yet to file its FY26 financials, so FY25 remains the latest audited picture. Revenue rose more than fourfold to Rs 25.43 crore in FY25 from Rs 6.24 crore in FY24, according to RoC filings cited by Entrackr. Losses widened to Rs 90.15 crore from Rs 72.40 crore, a rise of 24.5%.

The expansion follows a hard reset in August 2026, when the company laid off around 350 employees, or 30-35% of its workforce, as it scaled back its insurance business.

The company also tracks outcome data. It says unplanned re-admissions in insurance partner programmes stayed below 1%, against an industry range of 8% to 15%, and that average stays were about 40% shorter. Those figures are company claims and have not been independently audited.

Background and founders

Even Healthcare was founded in 2021 by Banerjee, Giglio and Ialongo. Its model bundles preventive care, consultations, diagnostics, insurance access, hospitalisation and post-discharge recovery into one membership.

The company says it serves more than 2.5 lakh members across 10 cities, and that membership tripled in the past year. Banerjee has said that 85-90% of members who live near a Bengaluru hospital choose Even Healthcare for their care.

What happens next

Banerjee told TechCrunch that Even Healthcare could turn profitable within months if it stopped spending on expansion, but that the company is choosing to grow instead. He declined to say when the startup expects to become profitable. “Right now, we’re investing in growth and serving more patients,” he said.

Six hospitals in one city will show whether the salaried-doctor model holds its clinical numbers at larger scale and lower cost. Any move into a second city depends on the answer.