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Quadria Group Launches $300 Million HealthQuad Fund III to Scale Indian Healthcare Innovation

The fund includes a target corpus of $200 million and a $100 million greenshoe option. It aims to build on the firm’s earlier investments that have backed over 18 healthcare startups across India, including companies such as Qure.ai, Wysa, Medikabazaar, and Redcliffe Labs.

• By PharmaNews Live Desk
• New Delhi
• Jun 18, 2025

News

Healthcare-focused private equity firm Quadria Group has announced the launch of HealthQuad Fund III, a new venture capital fund targeting up to $300 million to invest in early- to growth-stage healthcare companies, with a primary focus on India.

The fund includes a target corpus of $200 million and a $100 million greenshoe option. It aims to build on the firm’s earlier investments that have backed over 18 healthcare startups across India, including companies such as Qure.ai, Wysa, Medikabazaar, and Redcliffe Labs.

Focus on India’s Healthcare Value Chain

HealthQuad Fund III is positioned as a successor to HealthQuad Funds I and II, launched in 2016 and 2020 respectively. The new fund will continue to focus on tech-enabled, scalable healthcare models across diagnostics, digital health, chronic care, and primary healthcare delivery in India.

“India presents one of the world’s most compelling healthcare investment opportunities,” said Dr. Amit Varma, Co-founder and Investment Committee member at HealthQuad. He cited factors such as rising demand, digital adoption, and large underserved segments as key drivers.

Strategic Shift and New Ownership Structure

Quadria confirmed that Fund III will be managed under full ownership and operational control of Dr. Amit Varma, Abrar Mir, and Sunil Thakur, following the platform’s separation from Belgian impact investment firm KOIS. The firm said it intends to retain most of its current investment team and strengthen capabilities by adding professionals with clinical and operational backgrounds.

The move marks a consolidation of HealthQuad under the broader Quadria platform, which aims to become India’s most integrated healthcare investment franchise, offering capital solutions from early innovation to scaled expansion.

Investor Backing and Regional Ambitions

The fund launch follows Quadria’s recent close of Quadria Capital Fund III at $1.07 billion, which drew interest from global institutional investors. Quadria intends to leverage this network to support the growth of Fund III portfolio companies across India, Southeast Asia, and the GCC (Gulf Cooperation Council).

HealthQuad currently manages $300 million in assets under management (AUM). Quadria Capital, its parent firm, manages over $4 billion in assets across 27 healthcare investments in India, Vietnam, Indonesia, Malaysia, and Singapore.

Track Record of Supporting Healthcare Startups

Since its inception in 2016, HealthQuad has built a portfolio of healthcare companies that focus on innovation, access, and affordability. Several of its portfolio firms have scaled to become category leaders in segments such as artificial intelligence in radiology, mental health platforms, and digital diagnostics.

According to the firm, Fund III will continue to back companies with strong growth potential and the ability to deliver both financial and health outcomes. The goal is to support healthcare models that can scale efficiently in India’s diverse and often fragmented healthcare landscape.