Quadria Group-backed HealthQuad has announced the first close of its third fund, locking in Rs. 550 crore in commitments for HealthQuad Fund III—more than one-third of its Rs. 1,700 crore target corpus.

 

The raise drew a mix of returning limited partners and new investors, including local and global fund-of-funds, institutions, and family offices. Alongside the fund close, HealthQuad also confirmed its first investment: Lifesigns, an AI-powered remote patient monitoring platform, with additional proprietary deals already in the pipeline.

 

Fund III continues the franchise built by HealthQuad Advisors Private Limited, a Quadria Group-owned investment platform led by Amit Varma, Abrar Mir, and Sunil Thakur. After a mutual separation with KOIS in 2025, Quadria retained most of the core investment team that managed Funds I and II, and has since expanded leadership with Rahul Agarwal and Namit Chugh joining the platform.

 

Founded in 2016, HealthQuad was positioned as Quadria Group’s dedicated early-growth healthcare investment vehicle. Its first two funds backed more than 18 companies across India’s healthcare ecosystem, including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, and Ekincare—several of which have grown into category leaders.

 

Fund III will continue that strategy, targeting HealthTech, MedTech, Bio/Pharma Tech, and novel healthcare delivery platforms. The focus is on companies with proven commercial traction and the potential to scale into category leaders in India and global markets. These sectors are expanding at an estimated 16–40% annually and are projected to contribute more than 40% of India’s $600 billion healthcare market by 2030.

 

The investment thesis is anchored in a structural gap in India’s healthcare system. Bridging access needs is estimated to require over 2x expansion in hospital beds, a 7x increase in clinical resources, and around $500 billion in capital deployment.

 

Rahul Agarwal, Partner and IC Member at 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."

 

The fund also points to accelerating digital adoption in Indian healthcare, with over 15 lakh digital healthcare transactions taking place daily and more than 40% of clinicians now integrating health-tech into workflows. HealthQuad sees this shift—driven by preventive care demand, capacity constraints, and AI adoption—as a major tailwind for the next generation of healthcare startups.

 

Sunil Thakur, Co-founder and IC Member at HealthQuad and Partner at 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 says its edge lies in deep healthcare specialization, proprietary deal sourcing, and access to Quadria’s global healthcare ecosystem spanning providers, payors, diagnostics, pharmaceuticals, medtech, and healthcare services across Asia. 

 

This network, supported by senior clinical and operating advisors, is intended to help portfolio companies scale and form strategic partnerships globally.