Quadria Group backed HealthQuad, India’s leading early-growth healthcare investor – announced first close commitments of INR 550 crores for HealthQuad Fund III, at more than one-third of the target fund size of INR 1700 crores. The contributors include existing LPs in prior funds, alongside new LPs spanning local and global fund of funds, institutions and family offices. The Fund has committed its first investment in Lifesigns, India’s leading AI powered remote patient monitoring platform and is actively pursuing other proprietary opportunities to build early portfolio visibility.
Fund III, a successor to HealthQuad Fund I and Fund II, is managed by HealthQuad Advisors Private Limited, a vehicle 100% owned by Quadria Group, through Dr Amit Varma, Abrar Mir and Sunil Thakur. Following a mutual separation with KOIS in 2025, Quadria group has retained majority of the team that continues to manage the prior funds, Fund I and II. It has further expanded the leadership with the joining of Rahul Agarwal and Namit Chugh.
Incubated in 2016, HealthQuad has been a pioneering initiative by the Quadria Group to create a distinct investment vehicle, focused on backing founders building scalable, technology-enabled and next generation healthcare businesses. Funds I and II backed over 18 companies including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, Ekincare, and many of which have gone on to become category leaders.
Fund III will build on HealthQuad’s proven track record of identifying and scaling early-growth stage companies, across HealthTech, MedTech, Bio/Pharma Tech and Novel Healthcare Delivery, with established commercial scale and demonstrated potential to become category-leaders in India and globally. These segments are growing 16 – 40% per annum and are collectively projected to contribute over 40% of the US$ 600 billion Indian healthcare market by 2030.
Bridging India’s vast healthcare access gaps is estimated to require over 2x growth in beds, over 7x growth in clinical resources and US$ 500 billion of investment. The Fund will advance the firm’s mission of partnering with exceptional founders who build scalable, new-age healthcare businesses, harnessing technology, business-model and product-led innovation to improve access, affordability and quality of care and help close these gaps.
Rahul Agarwal, Partner and IC Member, HealthQuad, said: “Healthcare is undergoing one of the most significant transformations in recent times. We believe the next decade will be defined by companies that leverage emerging technologies and AI, and innovative models to make healthcare more accessible, affordable and outcome driven. Through Fund III, we are looking to partner with exceptional founders who are building category-defining businesses with local and global relevance at scale. We thank our investors for entrusting their confidence and capital with us.”
According to various estimates, over 15 lakh digital healthcare transactions take place in India every day, and over 40% clinicians now use health-tech across their workflows. The fund is positioned to capitalize on the rapid structural transformation in healthcare, driven by rising demand for preventive and continuous care, the urgency to address capacity constraints in traditional healthcare systems, and growing adoption of technology and AI. Together, these forces are enabling globally competitive healthcare innovation to emerge from India and Asia.
Sunil Thakur, Co-founder and IC Member, HealthQuad and Partner, Quadria Capital, said: “HealthQuad was created with a simple belief that healthcare requires specialist investors who understand the sector deeply and can support founders through long, arduous growth journeys. Over the past decade, we have witnessed the emergence of a new generation of healthcare entrepreneurs building world-class businesses from India and Asia. 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.”
HealthQuad’s differentiated approach combines deep sector specialization, proprietary sourcing and access to Quadria’s extensive global healthcare ecosystem spanning providers, payors, diagnostics, pharmaceuticals, medical technology and healthcare services across Asia and beyond. This ecosystem enables portfolio companies to access strategic partnerships, growth opportunities and pathways for global scale, supported by the Group’s senior clinical and operating advisory board members.