Healthcare venture capital fund HealthQuad has raised Rs 514 crore in the initial funding round for its second fund.
The funding would be used to support disruptive, technology-based and innovation driven businesses which transform healthcare in India.
The success of the fund at a time of overwhelming negative sentiment due to COVID-19 pandemic indicates how investors are turning towards funds that support futuristic healthcare start-ups and organisations creating healthcare solutions for tomorrow, HealthQuad said in a statement as per a PTI report.
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, it added.
“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,” HealthQuad co-founder and Chief Investment Officer Charles-Antoine Janssen said.
“We are pleased to be supported by like-minded global investors to deliver transformative impact beyond superior financial returns,” he added.
HealthQuad taps into opportunities in disruptive healthcare models to unlock value and create deep social impact, the statement said.
“The current pandemic has further stressed the need to leverage technology to cater to the healthcare needs of such a large population. 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…,” HealthQuad co-founder Amit Varma said.