Even Healthcare has raised $50 million in a funding round led by Khosla Ventures, as the Indian startup seeks to change how hospitals in the world’s most populous country make money and how doctors are rewarded.

The all-equity Series B round also saw participation from Alpha Wave and valued it at $300 million, triple its valuation 18 months ago, according to Even. The latest funding brings Even’s total capital raised to more than $120 million.

Hospitals in India typically earn more when patients undergo additional tests, procedures, or longer stays, even when they may not need them. Even wants to change that by focusing on patient care rather than pushing unnecessary treatments that drive up medical bills.

That approach has continued to appeal to Khosla Ventures, which has invested in Even since its seed round in 2021. The Silicon Valley venture firm is doubling down as Even moves to build and operate hospitals of its own, giving it greater control over patient care and costs.

Vinod Khosla, founder of Khosla Ventures, said Even’s approach goes beyond fixing individual parts of a fragmented healthcare system by bringing financing, technology, and care delivery together. The goal, he said in a prepared statement, is to reward better health outcomes rather than greater use of healthcare services.

“The clinical and economic results so far give us conviction that this can become an important new model for healthcare in India and beyond,” Khosla said.

Initially, Even relied on partner hospitals to treat its members, but Mayank Banerjee, who founded the startup in 2021 with Matilde Giglio and Alessandro Ialongo, said in an interview that the startup began questioning that model after finding that patients had undergone tests or been recommended surgeries it considered unnecessary.

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