Quadria Group-backed VC firm HealthQuad has announced the first close of its ₹1,700 Cr (about $180 Mn) Fund III with commitments of ₹550 Cr (about $58.2 Mn).

In a statement, the firm said that new institutional, family office limited partners (LPs) as well as existing LPs backed the fund.

HealthQuad’s Fund III targets investments in 13-15 healthtech startups across AI-driven healthcare, digital therapeutics, ambulatory care, enterprise SaaS, and point-of-care devices. The fund’s allocation is predominantly for India, with a discretionary share for other markets in Southeast Asia.

The fund has already made its first investment of an undisclosed sum in AI-driven patient monitoring platform LifeSigns and is pursuing other proprietary opportunities to build early portfolio visibility.

HealthQuad Fund III is being managed by HealthQuad Advisors, a vehicle fully owned by Quadria Group through Amit Varma, Abrar Mir and Thakur.

Originally established in 2016 as a specialised VC fund for early-growth healthcare, HealthQuad was earlier backed by both Quadria Group and Belgium-based impact investor KIOS. However, both entities split in 2025 and Quadria took full control of HealthQuad ahead of launching the Fund III.

The fund was originally launched in July last year with a target corpus of $200 Mn, with a $100 Mn greenshoe option, following Quadria’s separation from KIOS.

At the same time, operational leadership of HealthQuadlaunched a separate investment firm called ‘HealthKios’, with the maiden fund targeting a $300 Mn corpus with a $100 Mn greenshoe option.

Prior to that, it had marked the final close of its second fund at $162 Mn. Back then, the fund targeted 10-15 early stage startups across high-growth segments of the healthcare sector in India.

Its earlier two funds had backed 18 healthtech startups, including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, Ekincare.

The VC firm is exclusively focused on the rather underpenetrated Indian healthtech segment, which although has a track record of bringing forth strong innovations but has lacked institutional backing. Twenty five healthtech startups secured $181 Mn in Q1 2026, down 40% YoY from the $301 Mn capital infused in the segment in the year ago quarter.

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