HealthQuad, one of India’s leading healthcare-focused venture capital firms backed by Quadria Group and KOIS Capital, is raising $300 million for its third India-centric fund, dubbed HealthQuad Fund III.
This ambitious fund comes on the heels of HealthQuad’s successful $162 million second fund—anchored by global pharma giant MSD—that closed in early 2022. HealthQuad has a strong track record of investing in high-impact startups such as Qure.ai, Ekincare, HealthifyMe, Medikabazaar, Stanplus, and ImpactGuru, all transforming healthcare access and delivery in India.
Strategic Focus & Investment Approach
- Target stage & sectors: The new fund will invest in early-to-growth-stage startups—healthtech, medtech, life sciences, delivery platforms, and climate-health solutions—with typical cheque sizes ranging from $7 million to $25 million per company .
- Deep sector impact: The fund aims to bridge gaps in accessibility, affordability, and quality of care through scalable solutions in diagnostics, telemedicine, preventive health, chronic care management, and climate-health integration.
Proven Returns, Global Investor Confidence
HealthQuad’s first two funds have reportedly made multiple 4x ROI exits, including a notable stake sale in Asian Institute of Nephrology and Urology (AINU). Their performance underscores growing interest from global investors in India’s health-tech sector.
MSD (Merck) backstopped the Fund II with anchor capital, and HealthQuad’s investor base also includes DFIs like CDC and Swedfund, along with institutions such as TIAA and Ackermans & van Haaren.
Why This is a Game-Changer
- Bridging the healthcare divide: With an estimated ₹372 billion healthcare sector and a rapidly accelerating health-tech market (25% CAGR), India presents enormous opportunity—from diagnostics to digital-first care .
- Tech-led scale: HealthQuad’s holistic approach—from telehealth and wellness to medtech and climate-health—targets systemic change in healthcare delivery and outcomes.
- Investor & ecosystem growth: Continued investments and exits are solidifying India’s credibility as a global health-tech hub, narrowing gaps in coverage and driving innovation .
Key Takeaways Snapshot
| Focus Area | Why It Matters |
|---|---|
| $300M Fund Raise | Signals major long-term commitment to healthcare innovation |
| Early-Growth Investments | Enables expansion of high-impact, scalable health-tech startups |
| HealthQuad’s Track Record | Proven exits & global LP confidence enhance India’s investment attractiveness |
| Sectoral Transformation | From diagnostics to climate-health, fund spans diverse innovation verticals |
Bottom Line
HealthQuad’s third fund marks a significant milestone, reinforcing India’s momentum in healthtech innovation. With robust capital, proven strategy, and sector expertise, this initiative is poised to catalyze the next wave of startups reshaping Indian healthcare—improving access, quality, and outcomes across communities.
