Healthcare focused venture capital firm HealthQuad Advisors Pvt Ltd has announced the final closure of its second fund at $162 million (Rs 1,226 crore), more than 2.2 times greater than its target size at launch.
VCCircle reported in July 2020 that the fund was aiming to raise a total of $73.4 million and also hit the first close of its fund at $68 million.
Global biopharmaceutical MSD led the commitments from a pool of global financial investors, strategic institutions in pharma and healthcare, development financial institutions (DFI), funds of funds and large European conglomerates.
The diverse investor base includes Ackermans & van Haaren (AvH), Teachers Insurance and Annuity Association of America (TIAA), Quilvest, HCL Corporation, DFIs such as CDC, Swedfund and SIDBI, among others.
HealthQuad is floated by founders of healthcare focused private equity firm Quadria Capital and backed by KOIS, a global pioneer in impact investing and innovative finance.
“The close of our second fund marks a significant step for HealthQuad as we continue to invest in one of the world’s most promising healthcare markets.
We have been investing in the healthcare market in India since 2016 and are grateful for the meaningful partnerships we are building with world class, path breaking entrepreneurs who emerge from India’s growing pool of over 8,000 health tech companies,” said Charles-Antoine Janssen, co-founder and chief investment officer of HealthQuad.
HealthQuad Fund-II is targeting to back a total of 10 - 15 young private companies across high-growth segments of the healthcare sector in India.
The fund has already deployed $60 million across companies such as B2B online market fo medical supplies Medikabazaar, clinical data aggregation and intelligence platform THB, emergency response system company Stanplus and tech-led corporate wellness platform Ekincare among others.
“At MSD we are committed to advancing health equity globally through our impact investing portfolio. Our investment in HealthQuad will contribute to a robust and sustainable healthcare ecosystem through innovative solutions in financial inclusion, patient engagement, and supply chain, in India and around the world,” said Carmen Villar, VP at social business innovation at MSD.
HealthQuad had raised $11.6 million (Rs 75 crore) in its first outing in 2017, higher than the intended Rs 65 crore.
It was launched by Quadria founders Amit Varma and Abrar Mir in 2016 to invest in healthcare companies through pre-Series A and Series A rounds of funding.
Some of the investments from the debut fund include Regency Hospital, Asian Institute of Nephrology and Urology, telemedicine provider Neurosynaptic Communications, healthcare staffing firm Hi Impact Consultants and biotechnology research firm Strand Life Sciences.
