Even Healthcare Says $50 Million; Its August Filing Shows ₹208 Crore

Even Healthcare, the Bengaluru hospital operator, has announced a $50 million all-equity Series B led by Khosla Ventures, valuing it at $300 million by its own account. A board resolution reported on August 29 described a round of ₹208.24 crore, about $22 million, at the same valuation.

TechCrunch, in a report by Jagmeet Singh dated October 19, said Alpha Wave also participated and that the valuation is triple the one Even had 18 months earlier. Even says total funding now exceeds $120 million. The company has not said which figure is the closed amount, and the two accounts may describe different tranches of one raise.

Two accounts of the Series B

Medical Dialogues, citing Even's regulatory filings, reported on August 29 that the board approved a special resolution to issue 1,91,228 compulsorily convertible preference shares at ₹10,889.91 each. Multiplied out, that is ₹208.2 crore, which matches the filing-based total.

	TechCrunch, Oct. 19	Medical Dialogues, Aug. 29
Round size	$50 million	₹208.24 crore (about $22 million)
Valuation	$300 million	around $300 million
Named investors	Khosla Ventures (lead), Alpha Wave	Khosla Ventures (lead), DLB Ventures, Simon Fiduciaria, ADBEEV LLP, Better Capital
Total raised to date	more than $120 million	about $72.5 million before this round

The arithmetic favours the larger number as the announced total. Add $50 million to the $72.5 million Medical Dialogues counted across five earlier rounds and the sum is $122.5 million, consistent with "more than $120 million". Add $22 million instead and it is $94.5 million.

The filing lists ₹145 crore from Khosla and ₹38.88 crore from DLB Ventures. Alpha Wave, which TechCrunch names, does not appear in the filing's investor list as reported.

1. Khosla Ventures145 ₹ crore
2. DLB Ventures38.88 ₹ crore
3. Simon Fiduciaria22.67 ₹ crore

Source: Medical Dialogues, 29 Aug 2026, citing Even Healthcare regulatory filings

What $300 million is paying for

TechCrunch put Even's fiscal 2025 revenue at ₹272 million, about $2.86 million, against a net loss of ₹902 million, about $9.50 million. The loss was nearly 25% higher than the year before. A $300 million valuation against $2.86 million of trailing revenue is roughly 105 times.

The argument for that multiple is the model. Even leases hospitals on 20-year agreements, funds the fit-out and equipment itself, and pays doctors fixed salaries with bonuses tied to patient-reported outcomes. It has two hospitals in Bengaluru, and TechCrunch reports both reached operating profitability, before depreciation, within a year of opening.

The company's own outcome figures are the part to treat as vendor-supplied. Even says its unplanned readmission rate is below 1%, against an industry benchmark of 8% to 15%, and that patients spend 40% less time in hospital. TechCrunch's report does not say an outside party audited either.

Vinod Khosla, founder of Khosla Ventures, said the results so far "give us conviction that this can become an important new model for healthcare in India and beyond." Khosla Ventures led Even's $5 million seed round in 2021, so this is a follow-on from the original lead.

The headcount and the cash

Even has about 650 employees, roughly 300 of them full-time doctors, and about 250,000 members. TechCrunch, citing Entrackr, reports that Even laid off about 350 employees in August. The article does not reconcile that with the 650 figure, so it is unclear whether the headcount is before or after the cuts.

Co-founder Mayank Banerjee told TechCrunch the company could be profitable within months if it stopped expanding, and declined to give a timeline. The round is meant to fund five more Bengaluru hospitals over the next six months, which would take the network from two to seven.

For comparison, Town's $108 million Series B was priced against a business already selling, and Tenstorrent's Series E against hardware in customers' hands. Even's price rests on two buildings and a plan to open five more.

The next check is Even's filing for the allotment of the shares, which would show how many of the 1,91,228 preference shares were issued and to whom.