Eight Roads launches $250m India healthcare fund

It brings Eight Roads’ assets under management in India to USD 1.6bn. The firm has been active in the country since 2007 and in the local healthcare space since 2011. Its earlier funds had a significant healthcare remit.

The local portfolio includes 25 companies across various stages of the healthcare and life sciences value chain. Eight Roads said the decision to establish a specialised fund reflected the size and expansion of this market.

The plan is to focus on early to growth-stage investments in areas such as consumer health and digital health. The fund will invest in 15-20 companies across development stages with cheque sizes up to USD 40m and potential for extended holding periods.

Portfolio support will include access to Eight Roads’ global network. The investor has an approximately 15-member healthcare investment team in India, including Ashish Venkataramani, who was promoted to partner last year. There is also a venture partner network of 35 domain experts across Asia, Europe, and the US.

Standout investments in India include Laurus Labs, one of the largest manufacturers of antiretroviral active ingredients globally, and PharmEasy, a drugstore portal that has raised about USD 1bn in VC funding to date. Recent activity includes leading a USD 40m Series C for direct-to-consumer dental braces maker Toothsi earlier this month.

Eight Roads, formerly known as Fidelity Growth Partners, spun out from Fidelity International in 2019. The firm has more than USD 8bn in funds under management across India, China, Japan, Europe, and the US. It set up a USD 400m China healthcare fund last year.

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• Topics
• South Asia
• Fundraising
• Healthcare
• Technology
• Venture
• Eight Roads
• Fidelity