Quadria Group Launches $300 Mn HealthQuad Fund III After KOIS Split, Eyes Healthtech Surge
Quadria Group, a leading healthcare-focused private equity firm, has launched HealthQuad Fund III, targeting a $300 million corpus—including a $100 million green shoe option—to invest in early-growth healthtech innovations across India and Southeast Asia.
HealthQuad Now Fully Owned by Quadria
The fund launch follows Quadria’s strategic split with impact investor KOIS, after which Quadria assumed full ownership of the HealthQuad platform.
- Initially launched in 2016 as a dedicated investment vehicle within Quadria, HealthQuad is now poised to operate independently under Quadria’s sole leadership.
- With this new structure, Quadria plans to back 13–15 startups in AI-based healthcare, digital therapeutics, ambulatory care models, enterprise SaaS, and point-of-care devices.
Investment Focus and Geography
HealthQuad Fund III will:
- Primarily invest in India, with some discretionary allocation to Southeast Asia, according to Sunil Thakur, founder and investment committee member.
- Continue supporting early-stage tech-enabled healthcare ventures, building on its previous successful investments in Qure.ai, Medikabazaar, Wysa, Redcliffe Labs, GoApptiv, and others.
Track Record and Momentum
- Fund I and II were previously co-managed with KOIS and focused on startups tackling diagnostics, AI in imaging, mental health, and healthcare logistics.
- Fund II closed at $162 million in 2022, targeting similar segments in India’s rapidly growing healthcare ecosystem.
HealthQuad cofounder Dr. Amit Varma emphasized that the new structure will allow them to “deliver cross-regional value” more efficiently and expand their leadership footprint across South Asia, Southeast Asia, and the GCC region.
Broader Sector Context
The fund launch coincides with a renewed investor interest in India’s healthtech sector:
- Healthtech funding rose 207% in 2024, reaching $716 million, up from $233 million in 2023.
- However, several early-stage startups have shut down recently due to funding gaps and lack of domestic capital.
- At the Startup Mahakumbh, IAN cofounder Padmaja Ruparel warned of a drain of Indian healthtech startups to overseas markets due to this funding drought.
Quadria’s move reaffirms that structured, focused capital could play a vital role in sustaining healthcare innovation in India, especially as early-stage players struggle to secure timely support.
