Quadria Group-backed HealthQuad, an early-to-growth-stage healthcare investor, has secured the first close of its third fund, HealthQuad Fund III, at about $58 million (Rs 550 crore), representing over one-third of its target corpus of Rs 1,700 crore.
The fund has received commitments from existing limited partners across its earlier funds, along with new investors including domestic and global fund of funds, institutions and family offices, the firm said in a statement.
HealthQuad has also made its first investment from the fund in Lifesigns, an AI-powered remote patient monitoring platform, and is evaluating additional investment opportunities.
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 from KOIS in 2025, Quadria group has retained the 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.
“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,” said Rahul Agarwal, Partner and IC Member, HealthQuad.
Founded in 2016, HealthQuad invests in technology-led healthcare businesses. Its first two funds have invested in over 18 companies, including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, and Ekincare.
Fund III will focus on early-growth stage companies across healthtech, medtech, biopharma technology and healthcare delivery. According to HealthQuad, these segments are growing 16-40% per annum and are collectively projected to contribute over 40% of the $600 billion Indian healthcare market by 2030.
