HealthQuad raises $162m for India healthcare VC fund
HealthQuad, an India-focused healthcare VC investor backed by Quadria Capital, has closed its second fund on USD 162m, more than twice the original target.
Commitments came from financial institutions, development finance institutions, fund-of-funds, and corporates, including several healthcare sector players, according to a statement. Among them are MSD, Ackermans & van Haaren, Teachers Insurance & Annuity Association of America (TIAA), Quilvest, HCL Corporation, CDC, Swedfund, and SIDBI.
Quadria – a specialist healthcare private equity firm, currently deploying its second fund of USD 595m in India and Southeast Asia – will contribute its sector knowledge, network, and brand, while also exploring commercial synergies. HealthQuad is also supported by Kios, a global impact investor.
HealthQuad claims its fund is the largest dedicated VC vehicle in India's healthcare space. Invascent Capital makes similar claims in the private equity space. It closed its third fund at the hard cap of USD 250m in 2019.
HealthQuad was established in 2016 and raised INR 750m (USD 9.9m) for its debut fund the following year, AVCJ Research’s records show. Ackermans & van Haaren was an LP in that vehicle, according to the firm’s 2020 annual report. It added that it would re-up in Fund II, which at the time had a target of at least USD 68m.
The new fund will back 10-15 companies across high-growth segments of India’s healthcare sector. More than USD 60m has already been deployed.
Portfolio companies include: Medikabazaar, a marketplace for medical supplies and consumables; THB, a clinical data aggregation platform; Stanplus, an emergency response system specialist; Ekincare, a corporate wellness start-up; Impactguru, a healthcare financing platform; Qure.ai, which applies artificial intelligence technology to radiology; and HealthifyMe, a digital wellness business.
“India’s healthcare industry is compounding at an approximately 20% growth rate and is likely to be a USD 372bn industry by end of this year,” said Charles-Antoine Janssen, co-founder and CIO of HealthQuad, in a statement. “New-age innovative models are fuelling the rise of the Indian health-tech market which is growing at 25% annually and is poised to reach USD 2bn by 2025.”
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