Even Healthcare has raised a $50 million all-equity Series B led by existing investor Khosla Ventures, with Alpha Wave participating, to expand its company-operated hospital network in Bengaluru. The company told TechCrunch that the round values it at $300 million and takes total capital raised above $120 million.
The financing advances a shift away from relying on partner hospitals, but the rollout timetable is unsettled. The announcement carried by YourStory and Moneycontrol said five new hospitals would open within six months, starting in Indiranagar. Co-founder Mayank Banerjee separately told Mint that Even aimed for five hospitals in total by early 2027, while Inc42 reported four additions by the end of fiscal 2027. Even currently runs two.
Even does not buy hospital properties outright. Banerjee told TechCrunch it takes 20-year leases and pays for fit-outs and medical equipment. Members are assigned care teams that coordinate consultations, diagnostics, hospitalization and follow-up; most revenue comes from treatment payments, with insurer relationships contributing another stream.
Doctors receive fixed salaries that do not rise with test or surgery volume, while bonuses can be based on patient-reported recovery measures. Even says unplanned readmissions in insurer-linked managed-care programs stayed below 1% and hospital stays were 40% shorter than comparison settings. Those figures remain company-reported.
Even says both hospitals reached operational profitability, excluding depreciation, within a year. That facility-level claim sits alongside a company-wide net loss in fiscal 2025, according to filings cited by TechCrunch. Banerjee also acknowledged an August restructuring after Entrackr reported roughly 350 layoffs.
The Series B follows a $20 million round announced in January to expand the same model; at the time, Even said its first hospital had reached operating break-even less than six months after opening in May 2025. Banerjee told TechCrunch the company now has about 250,000 members and roughly 300 full-time doctors, but he did not set a date for overall profitability.