Even Healthcare's $300 Million Valuation Is 105 Times Filed Revenue, and Two Outlets Disagree on the Revenue

Even Healthcare has raised a $50 million all-equity Series B at a $300 million valuation, led by Khosla Ventures, with Alpha Wave participating. The Bengaluru company says the price is triple its valuation 18 months ago. Its last filed full year, FY2025, shows revenue of ₹272 million against a net loss of ₹902 million, as TechCrunch reported on October 19.

The round was announced as raised, and TechCrunch does not say whether it was a single close. Even says total capital raised is now more than $120 million.

What $300 million buys at ₹272 million of revenue

TechCrunch converts ₹272 million to about $2.86 million. Against that, a $300 million valuation is roughly 105 times trailing filed revenue, and the article does not say whether the valuation is pre-money or post-money.

The loss is the other half of the ratio. At ₹902 million, FY2025 net loss was about 3.3 times revenue and nearly 25% above the year before, per the filings TechCrunch cites. At that burn, $50 million is about five years of FY2025 losses. It will not last that long, because the proceeds fund five more hospitals in Bengaluru over the next six months, on top of the two it runs.

Two filings readings that do not match

Inc42, writing on August 27, gives different FY25 numbers: a net loss of ₹83 crore, up 15.3% from ₹72 crore, and operating revenue of ₹25 crore, up 3.1 times from ₹8 crore. TechCrunch's ₹902 million is ₹90.2 crore and its ₹272 million is ₹27.2 crore.

FY2025 figure	TechCrunch	Inc42
Net loss	₹90.2 crore	₹83 crore
Revenue	₹27.2 crore	₹25 crore
Founded	2021	2020

The gap could be consolidated versus standalone accounts or total income versus operating revenue. Neither article says which, so the ratio above should be read as a range, not a point.

The model Khosla is backing

Even leases hospital buildings on 20-year agreements and pays for the fit-out and equipment. Doctors draw fixed salaries, with bonuses tied to patient-reported outcomes rather than procedure volume. Outcomes are scored with tools such as the Oxford Knee Score.

The company's own figures, which TechCrunch labels as company-reported: unplanned readmissions below 1% against an industry range of 8% to 15%, patients spending 40% less time in hospital, and more than ₹500 million saved for insurers. No outside party has audited these.

Vinod Khosla, founder of Khosla Ventures, said the results "give us conviction that this can become an important new model for healthcare in India." Co-founder Mayank Banerjee told TechCrunch that Even could be profitable within months if it stopped expanding, but gave no timeline.

The layoffs and the pivot

Inc42 reported on August 27 that Even cut about 350 employees, roughly 30% to 35% of its workforce, while phasing down an insurance business and shifting to hospitals. It cited Entrackr for the report. Before this round Even had raised $20 million earlier in 2026, led by Lachy Groom and Alpha Wave, and Inc42 counted more than $90.45 million raised in total.

Even now has about 650 employees, around 300 of them full-time doctors, and about 250,000 members. Both existing Bengaluru hospitals were operationally profitable before depreciation within a year of opening, per Even.

What would confirm the story

The next test is the FY2026 filing, which will show whether five more hospitals arrived before revenue did. Until then, the evidence that hospital-level profit covers corporate losses is Even's own statement. For other Indian rounds judged against thin filed numbers, see Ramp's $60 billion valuation, which is pre-money in one account and Urban Company's InstaHelp losses per order.