Even Healthcare will establish five new hospitals across Bengaluru over the next six months after raising $50 million (around ₹474.21 crore) in a Series B funding round led by existing investor Khosla Ventures, with participation from Alpha Wave, the Bengaluru-based integrated managed care provider announced on Monday.
The first hospital under the expansion plan will be opened in Indiranagar. Even Healthcare said the new capital would support its effort to establish a hospital within five kilometres of every family in Bengaluru before taking the model to other major Indian cities.
The company said the latest funding round has tripled its valuation compared with its previous fundraise 18 months ago. The round has also taken Even Healthcare’s total funding beyond $120 million, according to the company’s release.
The planned expansion will add a network of hospitals in multiple parts of Bengaluru rather than concentrate the company’s operations in a single location. The five-hospital rollout is scheduled to be completed over the next six months, with Indiranagar identified as the starting point.
Even Healthcare operates on what it describes as an outcome-based care model. Under this approach, doctors are not compensated according to the number of procedures performed or the revenue generated, but on the basis of patient recovery and outcomes, the company said.
Mayank Banerjee, co-founder of Even Healthcare, said the funding round was intended to build the model at the scale of a city. “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,” he said.
The announcement places proximity at the centre of the company’s expansion strategy. Its five-kilometre target would make the location of hospitals a defining part of the model, although the company has not disclosed the planned locations of the remaining four Bengaluru facilities, their individual capacities, or the investment allocation for each hospital in the supplied release.
The company’s stated expansion will therefore be closely tied to the availability of suitable sites, hospital construction and operational readiness across Bengaluru. Even Healthcare has not announced an opening date beyond its six-month implementation window, nor has it provided details of the services or bed capacity planned for the five hospitals. The rollout will begin with the Indiranagar facility, according to the announcement.
