AI-driven patient monitoring device in use at an Indian healthcare facility
Quadria Group-backed venture capital firm HealthQuad has announced the first close of its Fund III, securing commitments totaling ₹550 Cr (approximately $58.2 Mn). The fund, with a target corpus of ₹1,700 Cr ($180 Mn), attracted backing from new institutional investors, family offices, and existing limited partners.
HealthQuad’s Fund III is strategically focused on investing in 13 to 15 healthtech startups. The investment thesis spans areas such as AI-driven healthcare solutions, digital therapeutics, ambulatory care, enterprise SaaS, and point-of-care devices. While the primary allocation will be for the Indian market, the fund retains a discretionary allocation for opportunities in Southeast Asia.
The firm has already deployed capital for its initial investment in LifeSigns, an AI-driven patient monitoring platform. HealthQuad Advisors, a wholly-owned subsidiary of Quadria Group, manages Fund III, with key leadership including Amit Varma, Abrar Mir, and Thakur.
HealthQuad, originally established in 2016 as a specialized VC fund for early-growth healthcare, was previously a joint venture with Belgium-based impact investor KIOS. Following a split in 2025, Quadria Group assumed full control of HealthQuad prior to the launch of Fund III. The fund was initially introduced in July last year with a $300 Mn target, following Quadria’s separation from KIOS. Concurrently, the operational leadership launched a separate entity, ‘HealthKios,’ with its own maiden fund targeting $300 Mn.
This follows HealthQuad’s successful final close of its second fund at $162 Mn, which supported 10-15 early-stage startups in high-growth healthcare segments in India. Across its previous two funds, HealthQuad has invested in 18 healthtech companies, including notable names like GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, and Wysa.
The firm’s dedicated focus on the Indian healthtech sector, an area characterized by significant innovation but historically lacking substantial institutional backing, positions it to capitalize on the segment’s growth potential. In the first quarter of 2026, 25 healthtech startups collectively secured $181 Mn in funding, indicating continued investor interest despite a year-on-year decrease.
About the Author
