Khosla Ventures Increases Its Investment in Healthcare Firm Even

Summary:
Khosla Ventures has led a $50 million funding round for Bengaluru-based Even Healthcare, tripling the startup’s post-money valuation to $300 million, with existing investor Alpha Wave Global also participating. Founded in 2021, the managed-care provider will use the funds to open five new hospitals across Bengaluru within six months, starting in Indiranagar. The company’s integrated healthcare model focuses on preventive care, cashless hospitalisation and improved patient outcomes, with plans to expand into other major Indian cities. 

American venture capital firm Khosla Ventures, founded by entrepreneur Vinod Khosla, has increased its investment in Bengaluru-based managed healthcare startup Even Healthcare as part of the company’s Series B funding round.

The Menlo Park, California-based firm has spearheaded a $50 million (approximately Rs 475 crore) primary funding round for Even Healthcare. The investment has tripled the startup’s post-money valuation to $300 million.

Existing investor Alpha Wave Global, which led Even Healthcare’s previous funding round announced earlier this year, also participated in the latest investment.

The startup announced on Monday that it intends to use the newly raised funds to establish five additional Even hospitals across Bengaluru over the next six months, beginning with a facility in Indiranagar.

“We support our members throughout their healthcare journey, from their initial consultation to hospitalisation and recovery at home, while our business model relies on keeping them healthy,” said Mayank Banerjee, co-founder of Even Healthcare. “Achieving profitability at two hospitals in record time and keeping readmission rates below 1% demonstrate that our approach is effective. This funding will help us expand the model across the city, bringing an Even hospital closer to every family in Bengaluru before extending the network to every major city in India.”

Established in 2021 by Banerjee, Matilde Giglio and Alessandro Ialongo, Even Healthcare operates as a managed-care provider offering free consultations, diagnostic testing and cashless hospitalisation. Its vertically integrated “payvider” model combines healthcare provision and financing, with an emphasis on preventive care and treatment outcomes. The company opened its first Bengaluru hospital in May 2025 and has since developed an integrated healthcare system covering primary care, preventive services and hospitalisation.

Even Healthcare aims to expand from individual facilities into a citywide hospital network built around a model in which doctors are incentivised by improvements in patients’ health rather than increased hospital activity.

“Most healthcare businesses focus on individual components of a fragmented system. Even is pursuing a considerably more ambitious approach by integrating healthcare financing, technology and service delivery, ensuring that the system rewards improved health outcomes instead of higher utilisation. The clinical and financial results achieved so far give us confidence that this could develop into an important healthcare model in India and internationally,” said Vinod Khosla, founder of Khosla Ventures.

Khosla Ventures first backed Even Healthcare in 2021 by leading its $5 million seed funding round. In November 2022, the healthcare startup secured $15 million from Alpha Wave, Aspada (now Lightrock), other existing backers and individual investors, including Palo Alto Networks CEO Nikesh Arora, CRED CEO Kunal Shah and DST Global partner Tom Stafford.

In October 2024, the company raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC and Lachy Groom, among others. In January 2026, Even Healthcare obtained a further $20 million (approximately Rs 180 crore) through an extended Series A round led by existing investors Lachy Groom and Alpha Wave, alongside new investor Sharrp Ventures.