Quadria Group-backed healthcare investor HealthQuad announced first-close commitments of ₹550 crore for its Fund III, representing more than one-third of the target fund size of ₹1,700 crore. According to reports from Mint, the fund is managed by HealthQuad Advisors Pvt. Ltd, a vehicle 100% owned by Quadria Group, through Dr Amit Varma, Abrar Mir and Sunil Thakur. The contributors include existing LPs from prior funds alongside new LPs spanning local and global fund-of-funds, institutions, and family offices. Following a mutual separation with KOIS in 2025, Quadria Group has retained majority of the team that continues to manage the prior funds, Fund I and II, and has further expanded leadership with the joining of Rahul Agarwal and Namit Chugh.
As reported by Mint, Sunil Thakur, co-founder and IC Member at HealthQuad and partner at Quadria Capital, highlighted the robust demand for new-age healthcare investments. The firm's pipeline is upwards of $350-400 million, demonstrating significant entrepreneurial activity in the healthcare sector. Rahul Agarwal, partner and IC member at HealthQuad, noted that the curve of technology, digital models, and artificial intelligence adoption in healthcare services is picking up very fast, with expectations that by 2030, tech and AI-led models will contribute almost 40% of the overall healthcare spend in India. According to various estimates, over 15 lakh digital healthcare transactions take place in India every day, and over 40% clinicians now use health-tech across their workflows, positioning the fund to capitalize on rapid structural transformation in healthcare.
According to the company's announcement, HealthQuad is focusing on four key segments: healthtech, medtech, biopharma/tech, and novel healthcare delivery. The firm has backed companies like GoApptiv, Qure.ai, Redcliffe Labs, Strand Life Sciences, Medikabazaar, Wysa, Ekincare, Cureskin, and THB through its Funds I and II. HealthQuad's assets under management across its three funds are over $400 million, with focus on early-growth stage companies having ticket sizes roughly ranging between $30 million and $50 million. The fund has committed its first investment in Lifesigns, India's leading AI-powered remote patient monitoring platform, and is actively pursuing other proprietary opportunities to build early portfolio visibility. HealthQuad Fund III specifically targets 13-15 healthtech startups across AI-driven healthcare, digital therapeutics, ambulatory care, enterprise SaaS, and point-of-care devices, with predominantly India-focused allocation and discretionary share for Southeast Asian markets.
As reported by Mint, HealthQuad's first fund has delivered 3X returns so far, with balance still remaining to be delivered. The firm's pipeline includes over 500 companies that are now scaled up to ₹50-100 crore plus annual revenues, many of them profitable. The four key segments that HealthQuad is investing in are growing at 16-40% per annum and are collectively projected to contribute over 40% of the $600 billion Indian healthcare market by 2030. These segments are collectively projected to require over 2x growth in beds, over 7x growth in clinical resources and US$ 500 billion of investment to bridge India's vast healthcare access gaps.
According to the company's announcement, for Fund III, HealthQuad will increase allocation to medtech and biopharma/tech while continuing to invest in healthtech and digital care delivery models. The fund has committed its first investment in Lifesigns, an AI-powered remote patient monitoring platform, and is actively pursuing other proprietary opportunities. HealthQuad's differentiated approach combines deep sector specialization, proprietary sourcing and access to Quadria's extensive global healthcare ecosystem spanning providers, payors, diagnostics, pharmaceuticals, medical technology and healthcare services across Asia and beyond. This ecosystem enables portfolio companies to access strategic partnerships, growth opportunities and pathways for global scale, supported by the Group's senior clinical and operating advisory board members. Originally established in 2016 as a specialized VC fund for early-growth healthcare, HealthQuad was previously backed by both Quadria Group and Belgium-based impact investor KIOS, but both entities split in 2025 with Quadria taking full control ahead of launching Fund III.
