Even Healthcare Raises $50 Million to Expand Hospital Network in Bengaluru
Bengaluru-based Even Healthcare has raised $50 million in a Series B funding round led by Khosla Ventures, with participation from Alpha Wave, as it prepares to expand its hospital network and integrated healthcare model. The funding values the company at approximately $300 million and brings its total capital raised to more than $120 million.
The company plans to open five additional hospitals across Bengaluru over the next six months, starting with Indiranagar. The expansion will help Even bring more of its healthcare services under one operating model, combining consultations, diagnostics, preventive care, insurance and hospital treatment.
Funding to Expand Hospital Operations
The latest round gives Even additional capital to build out its hospital network and serve more patients. The company currently operates two hospitals in Bengaluru, both of which it says reached operational profitability within a year of opening. It plans to use the new funding to expand its physical infrastructure while growing its managed healthcare services.
Khosla Ventures, an existing investor, led the round, while Alpha Wave also participated. The new valuation represents a substantial increase over the company's earlier valuation. Even says its valuation has tripled over the past 18 months, reflecting investor confidence in its expansion strategy.
However, the funding does not guarantee that the business will become profitable overall. Even reported a net loss of ₹90.2 crore in the financial year 2025, despite recording revenue of ₹27.2 crore. Its ability to manage expansion costs while growing patient numbers will be important as it builds more hospitals.
A Healthcare Model Focused on Patient Outcomes
Even combines healthcare financing and care delivery rather than relying exclusively on partnerships with existing hospitals. Its services include consultations, diagnostic tests, preventive healthcare, chronic disease management and cashless hospitalisation, with care teams following patients through treatment and recovery.
The company says its model is designed to address incentives in parts of the private healthcare system where providers can earn more from additional tests or procedures. Even says its doctors receive fixed salaries rather than compensation linked to the number of procedures they perform, with incentives also tied to patient outcomes.
The company has reported unplanned readmission rates below 1% in programmes run with insurance partners, compared with an industry range of 8% to 15%. It also says average hospital stays were 40% shorter. These figures are company-reported results and may not represent outcomes across every patient or hospital setting.
Competition in India's Managed Healthcare Market
Even's expansion comes as healthcare businesses explore ways to combine insurance, technology and hospital services. Traditional healthcare delivery can leave patients navigating different providers for consultations, diagnostics, hospitalisation and follow-up care. Integrated models seek to coordinate these services while giving providers greater responsibility for costs and outcomes.
Operating its own hospitals gives Even more control over patient care and service delivery, but it also requires investment in facilities, medical equipment, staffing and operations. Opening five additional hospitals in a short period will test whether the company can reproduce its existing model at a larger scale.
The latest funding round gives Even more resources to pursue that strategy. Its next challenge will be turning its planned expansion into sustainable growth while maintaining care quality and controlling costs.
