New Delhi, June 19 -- Healthcare-focused venture capital firm HealthQuad has marked the first close of its third fund after collecting a little less than third of the target corpus.
The third fund, floated after private equity firm Quadria Capital took control of HealthQuad and split from Belgian investor KOIS last year, secured commitments of Rs 550 crore ($58.2 million) at the first close, according to a statement on Friday.
The VC firm is targeting a "total fund size of Rs 1,700 crore", it said, without clarifying whether this includes any greenshoe option.
HealthQuad Fund III was unveiled last June with a base target corpus of $200 million (about Rs 1,725 crore then) and a $100-million greenshoe option.
The VC firm said existing limited partners (LPs) from prior funds-HealthQuad Funds I and II-participated alongside new LPs, including local and global fund-of-funds, institutions and family offices.
The fund will back early-to-growth ventures in the healthcare domain. It has already invested in Lifesigns, an AI-powered remote patient monitoring platform.
Fund III succeeds HealthQuad Fund I and Fund II. It is managed by HealthQuad, a vehicle fully owned by Quadria Group, through Amit Varma, Abrar Mir and Sunil Thakur.
The VC firm launched its own fund after a "mutual" separation with KOIS in 2025. Quadria retained the majority of the team that continues to manage the prior funds, Fund I and II. In subsequent months, it expanded the leadership by adding Rahul Agarwal and Namit Chugh.
"Over the past decade, we have witnessed the emergence of a new generation of healthcare entrepreneurs building world-class businesses from India and Asia," said Thakur, co-founder of HealthQuad and partner at Quadria. "Fund III reflects our continued conviction in this opportunity and our commitment to helping founders build enduring market leaders that create meaningful impact while delivering strong outcomes for all stakeholders," he added.
HealthQuad has over $400 million assets under management (AUM) across three funds. It has previously invested in companies such as Qure.ai, ekincare, Red.health, Redcliffe Lifesciences, Wysa, GoApptiv, CureSkin, ImpactGuru, BeatO, and HealthifyMe.
Its maiden fund invested in hospital chain Regency Health, biotech firm Strand Life Sciences, Asian Institute of Nephrology and Urology, medical supplies platform Medikabazaar, clinical data aggregation and intelligence platform THB, telemedicine services provider Neurosynaptic Communications, and healthcare staffing firm Hi-impact Consultants.
Besides the three HealthQuad funds, Quadria in May 2025 concluded the final close of its third PE fund with $1.07 billion in total commitments, exceeding the initial target of $800 million.
Published by HT Digital Content Services with permission from VC Circle.