HealthQuad targets raising $300 million third fund to back healthcare tech startups

Healthcare venture capital firm HealthQuad is raising $300 million (Rs 2,527.5 crore) for its third India-focussed fund.

The firm, backed by Quadria Capital, an Asia-focussed private equity fund specialising in healthcare, plans a corpus of $200 million with an additional $100 million greenshoe option to fund healthcare enterprise innovation startups in India.

Founded in 2016 under the Quadria Group, HealthQuad has focussed on backing tech-enabled healthcare models at the early-growth stage.


The firm's first two funds backed over 18 companies, including Qure.ai, Medikabazaar, THB, Wysa, Ekincare, Redcliffe Labs, GoApptiv, and Strand Life Sciences.

This announcement comes in the wake of a split between HealthQuad’s leadership team and Kois, the Belgian firm that co-founded HealthQuad alongside Quadria Capital. Following the departure of a general partner, the individual has launched a new healthcare venture capital fund of similar size, named HealthKois.

“We continue to own funds I and II fully under Quadria,” Sunil Thakur, cofounder and investment committee member at HealthQuad, told ET.

The new fund will focus on companies solving operational challenges for hospital chains. "We are looking to fund 13-15 companies in this fund," said Thakur.

The fund will tap into Quadria Group's extensive Asia network and institutional relationships to drive growth in portfolio companies.

Parent company Quadria Capital recently raised $1.07 billion for its third fund, demonstrating strong investor appetite for the group's strategy.