VC fund (Cat II) · Curated list
HealthQuad
Growth (Series C+) · HealthTech & Digital health · Mumbai
At a glance
- Stage focus
- Growth (Series C+)
- Primary sector
- HealthTech & Digital health
- City
- Mumbai
- HQ / office
- Delhi (HQ): Level 3, The Crescent Road, Mehrauli, New Delhi, Delhi 110030, India. Other offices: The Quorum, Level 8, Tower 2, One World Centre, Lower Parel, Mumbai 400013; 158 Cecil Street #03-01, Singapore 069545; The Executives Centre, Pacific Century Place, 39th Floor, Jl. Jend. Sudirman No.52-53, Jakarta, Indonesia; 33 Le Duan, Level 24, District 1, Ho Chi Minh City, Vietnam.
- Fund registered
- 2016
- Investments on record
- 38
- Corpus (as reported)
- ~$350M+ across funds. Official homepage states "350M+ in AUM across two funds" (an earlier 2021-era profile cited ~US$280M, since grown). Fund II final close $162M / INR 1,215 Cr in March 2022. Fund I (VC Fund, IN/AIF1/16-17/0216), Fund II (IN/AIF2/19-20/0684) and Fund III (Category II AIF, IN/AIF2/23-24/1445) are SEBI-registered; Fund III hit a ~Rs 550 Cr first close targeting ~Rs 1,700 Cr. (2022 / current)
- Website
- healthquad.com
- Profile ↗
About
HealthQuad is a healthcare-focused venture capital fund and the early-growth arm of Asia healthcare PE specialist Quadria Capital; the team has invested in Indian healthcare since 2016 (Fund I launched 2016). It backs early-growth healthtech, medtech, novel-delivery and bio/pharma-tech startups. Charles-Antoine Janssen is Co-founder and Chief Investment Officer; Dr. Pinak Shrikhande is a Managing Director. Fund II ($162M, closed March 2022) was led by pharma giant MSD, with LPs including TIAA, Quilvest, Ackermans & van Haaren, HCL Corporation and DFIs (CDC/now BII, Swedfund, SIDBI).
Investment focus
Early-growth-stage venture capital, healthcare-only. Focus areas: healthtech (digital health), medtech (devices/diagnostics/surgical), novel healthcare delivery, and bio/pharma-tech. Theme: access, affordability and quality in Asian/Indian healthcare.
Cheque size
INR 1-15 Cr (Fund I); larger growth cheques in later funds (Fund III target ~INR 1,700 Cr)
As compiled from public sources — verify with the investor.
SEBI registration
SEBI AIF Category I — Venture capital — reported as “Sector fund (healthcare-focused venture capital) / Cat I/Cat II”
- IN/AIF1/16-17/0216
- IN/AIF2/19-20/0684
- IN/AIF2/23-24/1445
SIDBI Fund of Funds
On the SIDBI FFS list
Funds: Healthquad Fund II
Yes — on official SIDBI FFS supported-AIF list (Healthquad Fund II)
Notable portfolio
Medikabazaar; Qure.ai; Redcliffe Labs; Wysa; THB (Technology, Health & Beyond); GoApptiv; CureSkin; ekincare
Team & organisation
~20+ member healthcare team across Asia; key persons Amit Varma, Abrar Mir, Sunil Thakur
Manager: HealthQuad Advisors Pvt Ltd (100% Quadria Group). Multi-fund: Fund I = Category I VCF (IN/AIF1/16-17/0216); Fund II = Category II AIF (IN/AIF2/19-20/0684); Fund III = Category II AIF (IN/AIF2/23-24/1445)
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Frequently asked
- What does HealthQuad invest in?
- Early-growth-stage venture capital, healthcare-only. Focus areas: healthtech (digital health), medtech (devices/diagnostics/surgical), novel healthcare delivery, and bio/pharma-tech. Theme: access, affordability and quality in Asian/Indian healthcare.
- What cheque size does HealthQuad write?
- As compiled from public sources: INR 1-15 Cr (Fund I); larger growth cheques in later funds (Fund III target ~INR 1,700 Cr)
- How do I pitch HealthQuad through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ Affiliated with Quadria Capital, a healthcare private-equity group (HealthQuad is its early-growth VC arm, not a fully standalone independent VC). Fund II included development finance institutions (CDC/now British International Investment, Swedfund, and India's SIDBI) as LPs — DFI capital is present, though HealthQuad itself is a private SEBI-registered AIF, not a government vehicle. Two live domains for the same firm: healthquad.com (current primary) and healthquad.in (older fund site). NOTE: the prior record's claim that the homepage AUM is a "3,500M+" typo for $350M is a MISREADING — the homepage actually reads "350M+" ($350M+), so there is no typo to flag.
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://www.healthquad.com/contact; https://inc42.com/buzz/healthquad-final-closes-fund-ii-at-162-mn-looks-to-invest-in-high-growth-healthcare-segments/