HealthQuad, a healthcare-focused venture capital (VC) firm investing in early-stage startups in India, on Wednesday, said it has fully exited its investment in the Asian Institute of Nephrology and Urology (AINU), a single-specialty hospital network dedicated to urology and nephrology care, with four times returns of its investment.
HealthQuad invested in AINU in 2016. The deal also marked HealthQuad’s fourth exit from its Fund I.
The exit was made possible through the acquisition of AINU by single-specialty healthcare investment and operating platform Asian Healthcare Holdings for Rs 600 crore ($72 million).
Also backed by TPG Growth and GIC, AINU has seven hospitals across Hyderabad, Chennai, Siliguri and Vishakhapatnam that have a combined 500 beds.
HealthQuad has raised two funds, with an AUM of over $280 million.
The VC, backed by the sponsors of Singapore-based healthcare-focused private equity (PE) firm Quadria Capital and impact investment firm KOIS, is currently understood to be on the road to raising its third fund with a targeted corpus of $300 million.
It closed its second fund at $162 million (Rs 1,215 crore) in 2022, which was said to be 2.2x its original target, while the maiden fund was closed at $11.6 million in 2017.
Despite muted investor sentiments amid macro market headwinds, fund managers in India have found a reason to cheer with exits showing an uptick in recent times. During the first two months of this year, fund managers clocked as many as 36 exit deals worth $2.72 billion, compared with 29 deals worth $2.03 billion during the corresponding period last year.
