Bengaluru-based managed care company Even Healthcare has raised $50 million in a Series B round led by existing investor Khosla Ventures. Alpha Wave also participated in the round.

According to the company, the round values it at three times its valuation 18 months ago and brings its total funding to more than $120 million.

The money will go towards five new Even hospitals in Bengaluru over the next six months, beginning with Indiranagar. The company runs two hospitals in the city at present.

Even's pitch rests on the criticism of how private healthcare is generally paid for in India. Nobody is clearly responsible for a patient's health between hospital visits, and families end up repeating their medical history to each new doctor. They struggle to judge whether a scan or surgery is necessary, and face bills they had not anticipated.

Even says it works differently. Members are assigned a care team that follows them over time and contacts them before a minor problem turns into an admission. If hospital care is needed, it is cashless. The same team stays in touch after discharge until recovery is complete, it says.

The company claims to be the only private hospital chain in India where doctors are not paid on the number of procedures they carry out or the revenue they generate. Instead, they are assessed on whether patients improve, how fast they recover, and whether they return to hospital. An AI system reviews each case against clinical protocols as it happens.

The company says, in its first full year of managed care, in programmes run with insurance partners, unplanned readmissions stayed below 1%, compared with an industry range of 8 to 15%.

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