HealthQuad, a healthcare venture capital fund, on Monday said it has raised ₹514 crore for the first close of its second fund.
With the first close, the fund has raised 93% of its target corpus of ₹550 crore for the second fund.
The second fund has raised commitments from global investors, including Ackermans & van Haaren (AvH), Teachers Insurance and Annuity Association of America (TIAA), SIDBI, Swedfund and pharma giant Merck & Co. Inc, according to a statement issued by HealthQuad.
The platform is backed by KOIS, which is focused on impact investing and innovative finance and the sponsors of Quadria Capital, an Asia-focused healthcare private equity fund.
“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,” said Charles-Antoine Janssen, co-founder and chief investment officer of HealthQuad.
“If India has to fulfil its mission of ‘Healthcare for All’, it must focus on leveraging technology and digital health along with focus on promotion of wellness and preventive health. The healthcare industry needs to move beyond linear growth such as adding new hospitals and adding a fixed number of physicians every year, and instead look for ways to disrupt the existing operating models,” said Amit Varma, co-founder HealthQuad.
The covid-19 pandemic has stressed the need to leverage technology to cater to the healthcare needs of such a large population, he added.
This article was first published on livemint.com.