New Delhi: Healthcare focused VC, HealthQuad said that its second fund with a commitment of INR 514 crores, helping it achieve 93% of the target fund size of INR 550 crores. This comes at a time when profits have plummeted and operations are shuttering due to the COVID-19 pandemic and there is dire need to revive the industry. The fact that investors have demonstrated strong belief in Indian healthcare opportunities is encouraging and evidence of India’s ability to develop disruptive healthcare solutions.
“We are extremely delighted about the successful first close of our second fund as we build on our strategy to capture the exceptional opportunity in Indian healthcare,” said Charles-Antoine Janssen, Co-founder and Chief Investment Officer of HealthQuad.
The fund has been supported by some of the leading global investors including Ackermans & van Haaren (AvH), Teachers Insurance and Annuity Association of America (TIAA), Indian DFI SIDBI, Swedfund and pharma giant Merck & Co. Inc. HealthQuad is backed by KOIS, a global pioneer in impact investing and innovative finance and the sponsors of Quadria Capital, healthcare focused private equity fund in Asia that provides a strong ecosystem of sector knowledge, network, brand, commercial synergies and market access.
“We are very proud to support HealthQuad in its mission to transform and disrupt the Indian healthcare ecosystem and provide healthcare solutions for the growing Indian population that are accessible, affordable and of high quality” said Maria Håkansson, CEO at Swedfund.
Through the second fund, HealthQuad seeks to invest in disruptive, technology based and innovation driven businesses which transform healthcare in India, generate value and also create deep social impact. Considering the success and overwhelming demand, the fund will exercise its green-shoe option.
Rehan Khan, Managing Director of Merck Sharp and Dohme (MSD) India, said, “Through our investment in HealthQuad, MSD demonstrates our commitment to inventive approaches to build a sustainable, resilient healthcare ecosystem in India. We are pleased to join with HealthQuad and many other global and Indian investors who share a common commitment to innovative healthcare solutions.”
HealthQuad believes that technology backed disruptive business models are essential to help leapfrog the legacy healthcare systems by improving quality and efficiencies.”We believe that the recent Covid-19 pandemic has given an impetus to the digital transformation of healthcare. HealthQuad is committed towards creating an ecosystem of such category defining companies that improve accessibility and affordability and elevate the overall healthcare standards in India,” said Janssen.
Under the current circumstances, when the world is grappling with the Covid-19 pandemic, this fund raise entrusts strong and positive belief in disruptive healthcare business models that will address the imminent and long-term needs of the Indian healthcare sector.
“Disruptive technological solutions have the potential to take vault over some of these issues and push India towards a more robust and reliable healthcare system in the foreseeable future,” said Dr Amit Varma, Co-founder of HealthQuad.
John-Eric Bertrand, member of the executive committee of Ackermans & van Haaren (AvH) said,“This investment fits within AvH’s strategy to invest alongside local partners with deep sector expertise in the growing Indian healthcare sector, driven by a need for improved medical infrastructure.”
In 2017, HealthQuad had raised INR750 million for First Fund.
