Sreeja Biswas

Healthcare-focused&nbsp;venture capital&nbsp;firm&nbsp;HealthQuad, which has clocked two exits over the past few months, is in talks to sell its stake in two more companies as it looks to wrap up its maiden fund, VCCircle has learnt.&nbsp;

The VC firm, started by the co-founders of private equity firm Quadria Capital, raised its debut fund in 2016 and 2017 and mopped up a total of Rs 75 crore. It invested in seven companies and has so far exited three of those.&nbsp;

HealthQuad is now actively exploring monetisation opportunities from two more companies and will begin the process to exit another company next year, two people aware of the VC firm&rsquo;s plans told VCCircle.&nbsp;

The firm deployed its maiden fund in hospital chain Regency Health, biotech firm Strand Life Sciences, Asian Institute of Nephrology and Urology (AINU), medical supplies platform Medikabazaar, clinical data aggregation and intelligence platform THB, telemedicine services provider Neurosynaptic Communications, and healthcare staffing firm Hi-impact Consultants.&nbsp;

HealthQuad exited Strand Life in 2021 when Reliance Industries bought the company. It monetised its investment in AINU late last year when TPG-backed Asia Healthcare Holdings acquired the nephrology chain. The VC firm checked out of Regency in November last year by selling its stake to Norwest Venture Partners.&nbsp;

The firm&nbsp;likely generated internal rate of return (IRR)of over 20% from AINU and a similar annualised return from Regency Health, VCCircle&nbsp;reported earlier. It also made a partial exit from Medikabazaar, which yielded 89% IRR, the people cited above said.&nbsp;

The people also said that VC firm is now in active discussions to sell its stake in THB, which is operated by Sekhmet Technologies Pvt Ltd, and is exploring opportunities with interested parties for Neurosynaptic Communications.&nbsp;The firm will likely also initiate a sale process for Medikabazaar within the next 12 months, they said.&nbsp;

&ldquo;The projected returns from the remaining sales are estimated to be between 4x and 5x at the fund level,&rdquo; one of the people said, without elaborating.&nbsp;

Overall, HealthQuad plans to fully exit the first fund within the next 18 months, the people said, adding that the firm hopes to clock benchmark returns from the vehicle.&nbsp;

Private equity and venture capital firms typically chase 20-30% IRR at the fund level in rupee terms.&nbsp;

HealthQuad manages more than $200 million across two funds. It is currently investing out of its second fund, which has a corpus of $162 million.&nbsp;The second fund is expected to generate returns upwards of 35%, the people said.&nbsp; &nbsp;

The Delhi-based VC firm invested in Qure.ai, ekincare, Red.health, Redcliffe Lifesciences, Wysa, GoApptiv, CureSkin, ImpactGuru, BeatO, and HealthifyMe from its second fund.&nbsp;

Healthcare-focused venture capital firm HealthQuad, which has clocked two exits over the past few months, is in talks to sell its stake in two more companies as it looks to wrap up its maiden fund, VCCircle has learnt. 

The VC firm, started by the co-founders of private equity firm Quadria Capital, raised its debut ......

HealthQuad weighs two more exits, sets sight on wrapping up debut fund

Healthcare

Malvika Maloo

Billionaire Sajjan Jindal-led JSWW Group&rsquo;s corporate venture capital arm JSW Ventures has struck a full exit from a seven-year-old investment from its first fund which it floated in 2015.&nbsp;

The early-stage VC company, which typically invests in B2B and B2C tech companies across financial services, healthcare, consumer, agri and SaaS companies, has sold its residual stake in e-tailing unicorn Purplle.&nbsp;

According to JSW Ventures&rsquo; managing partner Sachin Tagra, it has managed to spin returns to the tune of 18x after selling stake in the BPC startup to Manipal Education &amp; Medical Group family office (MEMG) in a secondary transaction.&nbsp;

As for JSW Ventures&rsquo; Rs 100-crore first fund, which has managed to reward its limited partners with as much as 2.7x returns, it had struck investments in five companies. These included Purplle; design solutions marketplace Homelane; online platform for restaurants, Limetray; OS Labs and the now defunct e-commerce marketplace Overkart.&nbsp;

&ldquo;Fund I has exited from four bets barring Homelane. Currently, it has an internal rate of return (IRR) of over 30%. As for the investment in Purplle, JSW Ventures clocked an IRR of 57%,&rdquo; Tagra told VCCircle.&nbsp;

The investor bought a stake in Purplle back in 2016 for around $1 million in its Series A round of funding.&nbsp;

After participating in multiple follow-on rounds, JSW Ventures&rsquo; stake in Purplle stood at 3.65% as of March 2020. It bought an additional stake in 2021, taking its share in the startup to 3.95%.&nbsp;

Cumulatively, JSW Ventures is said to have invested $2.35 million for the 3.95% stake.&nbsp;

The latest sale to MEMG follows a partial exit from Purplle in May, when it sold some stake to Abu Dhabi Investment Authority (ADIA). &nbsp;

To be sure, at that time Purplle commanded a valuation of $1.1 billion, unchanged from the figure derived in June 2022.

The consumer unicorn, owned and operated by Manash Lifestyle Pvt. Ltd, was founded in 2012 by Manish Taneja and Rahul Dash. The company has raised about $250 million so far, including from Goldman Sachs and Verlinvest.

JSW Ventures did not comment on the value of the current transaction.&nbsp;

The investor is in the process of deploying its second fund, which has a corpus of Rs 350 crore. It marked the final close in March 2022 and has invested in EV firm MoEVing, SaaS startups HealthPlix and &nbsp;Zvolv, and beauty and personal care brand Cureskin.

&ldquo;We still have some capital to deploy,&rdquo; said Tagra on the timeline for a third fund. &nbsp;&ldquo;Once we deploy the capital, then of course we will go further.&rdquo;

Billionaire Sajjan Jindal-led JSWW Group’s corporate venture capital arm JSW Ventures has struck a full exit from a seven-year-old investment from its first fund which it floated in 2015. 

The early-stage VC company, which typically invests in B2B and B2C tech companies across financial services, healthcare, consumer, agri and SaaS companies, ......

JSW Ventures on track to wrap up maiden fund with fresh exit

Consumer

Retail

VC_Desk_Section_Masthead

VC_Desk_Section_A_300x250

VC_Desk_Section_B_300x250

VC_Desk_Section_C_300x250

VC_Desk_Section_D_300x250

VC_Desk_Section_E_300x250

VC_Desk_Section_A_Skyscraper

VC_Desk_Section_B_Skyscraper

VC_Desk_Section_A_Billboard

VC_Desk_Section_B_Billboard

VC_Desk_Section_C_Billboard

VC_Desk_Section_D_Billboard

VC_Desk_Section_E_Billboard

VC_Desk_Section_Footer

Priyal Mahtta

Finance

Homegrown private equity firm True North has wrapped up fundraising for its maiden private credit fund, nearly three years after ......

True North wraps up fundraising for maiden private credit vehicle

Debjyoti Roy

Housing finance company Sitara, operated by Sewa Grih Rin Ltd, has secured Rs 680 crore ($81 million) in an equity ......

Arpwood invests $81 mn in women-focussed home financier Sitara

K Amoghavarsha

Education-focused NBFC’s Varthana Finance and Propelld secured debt funding, the companies said on Monday.  

Varthana Finance  
School education lender Varthana Finance has secured $3.2 ......

Varthana Finance, Propelld secure debt funding

Reuters

Infrastructure

Asia-Pacific investment firm PAG said on Monday it had raised $550 million for its first renewable energy fund, which focuses ......

PAG raises $550 mn for Asia renewable energy fund from Mubadala, other investors

Abu Dhabi National Oil Company (ADNOC) on Monday said it has acquired an 11.7% stake in phase 1 of NextDecade&#39;s Rio ......

ADNOC picks up minority stake in NextDecade's Rio Grande LNG unit

Private equity firm Creador, which focuses on India and Southeast Asia and once backed names like Ashiana Housing, Ujjivan, PC ......

HealthQuad weighs two more exits, sets sight on wrapping up debut fund

JSW Ventures on track to wrap up maiden fund with fresh exit

Recommended for you

Finance

True North wraps up fundraising for maiden private credit vehicle

Finance

Arpwood invests $81 mn in women-focussed home financier Sitara

Consumer

Varthana Finance, Propelld secure debt funding

Infrastructure

PAG raises $550 mn for Asia renewable energy fund from Mubadala, other investors

Infrastructure

ADNOC picks up minority stake in NextDecade's Rio Grande LNG unit

Finance

Creador's Vasudevan on increasing India allocation, mid-market deals & more