Source-led article
Even Healthcare Raises $50 Mn To Expand Hospital Network Across Bengaluru
Bengaluru-based managed care startup Even Healthcare has raised $50 Mn (approximately ₹475 Cr) in a Series B funding round led by existing investor Khosla Ventures, with participation from Alpha Wave. The all-equity primary round takes the startup’s total funding to over $120 Mn. Even will use the proceeds primarily to expand its hospital network in Bengaluru, scaling back its insurance business to focus on a hospital-led healthcare model.
The startup plans to open one more hospital by the end of 2026 and three additional facilities by the end of FY27, bringing its total to six multispeciality hospitals in Bengaluru. It currently operates two hospitals on Race Course Road and in HBR Layout. Even intends to enter other cities only after strengthening its Bengaluru presence.
Funding details and valuation
The Series B round was led by Khosla Ventures, with Alpha Wave also participating. Even said its valuation had tripled since its previous fundraise 18 months ago, though it did not disclose the latest valuation figure. The startup last raised $20 Mn earlier this year to expand its hospital network and launch new facilities. The all-equity nature of the round means no debt or convertible instruments were involved.
Even was founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo. It operates an integrated managed care model combining preventive care, outpatient consultations, diagnostics, insurance access, hospitalisation, and post-discharge recovery. The startup aims to reduce healthcare costs by managing patients’ health beyond individual hospital visits.
Shift from insurance to hospital-led model
The hospital expansion follows reports from August 2026 that Even laid off around 350 employees, approximately 30-35% of its workforce, as it scaled down its insurance business and shifted resources towards a hospital-led healthcare model. Co-founder Mayank Banerjee told Inc42 that the startup wants to ensure Bengaluru patients and members are well served before expanding to other cities.
Even employs salaried doctors whose compensation is not linked to the number of procedures performed or revenue generated. The startup said it assesses doctors on patient outcomes, recovery timelines, and re-admissions. Banerjee said around 85-90% of Even members living near one of its Bengaluru hospitals choose the startup for their healthcare needs.
AI-driven quality system and clinical outcomes
Even uses an AI-based quality system to review cases against clinical protocols in real time. It recently launched Even Spotlight, a dashboard tracking clinical outcomes and patient-reported metrics. The startup claims unplanned re-admissions in programmes run with insurance partners remained below 1%, compared with an industry range of 8-15%. It also reported that average hospital stays were 40% shorter, while proactive care helped more than 200 members avoid hospitalisation, saving an estimated ₹15 Cr to ₹16 Cr.
| Datos clave | |
|---|---|
| Funding amount | $50 Mn (₹475 Cr) |
| Lead investor | Khosla Ventures |
| Total funding to date | Over $120 Mn |
| Hospital expansion plan | 4 new hospitals in Bengaluru by FY27 |
Membership growth and current reach
Even claims to serve more than 2.5 Lakh members across 10 cities, having tripled its membership over the past year. Its services include telemedicine, at-home blood tests, and medical guidance, alongside cashless hospitalisation through insurance partners. The startup’s managed care model aims to reduce overall healthcare costs by keeping members healthy and reducing hospital visits.
For the Indian healthtech and startup ecosystem, Even’s pivot from insurance to a hospital-led model with an AI quality system represents a significant strategic shift. The startup’s focus on Bengaluru first before national expansion, combined with its salaried doctor model and outcome-based metrics, offers a distinct approach to healthcare delivery in India.