Integrated managed care provider Even Healthcare on Monday announced that it has raised $50 million (around ₹474.21 cr) in a Series B funding round led by existing investor Khosla Ventures, alongside participation from Alpha Wave.
The round has tripled the company’s valuation from its previous fundraise 18 months ago and pushed its total funding beyond $120 million, the Bengaluru-headquartered firm said in a release.
The fresh capital will be deployed to establish five new hospitals across Bengaluru over the next six months, starting with Indiranagar. The company aims to establish an Even hospital within five kilometres of every family in the Karnataka capital before expanding the model to other major cities.
Even Healthcare noted that it operates on an outcome-based model where doctors are not compensated on the volume of procedures performed or revenue generated, but rather on patient recovery and outcomes.
Mayank Banerjee, Co-founder of Even Healthcare, said, “This round is about building it at the scale of a city: an Even hospital close to every family in Bengaluru, and then in every major city in India.”