Home-grown healthcare venture capital fund HealthQuad on Monday said it had raised Rs 514 crore in an initial funding round for its second fund, aimed at supporting disruptive, technology-based and innovation driven businesses that transform healthcare in India.
The success of the fund at a time of overwhelming negative sentiment due to the COVID-19 pandemic indicates how investors are turning towards funds that support futuristic healthcare startups and organisations creating healthcare solutions for tomorrow, HealthQuad said. Also Read[Funding alert] Parking spot reservation platform ParkSmart raises Rs 1.5Cr from ah! Ventures, Marwari Angels
The fund has been supported by some 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.
"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 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 technology-based and innovation-driven healthcare models to unlock value and create deep social impact, the statement said.
"The 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 vault over some of these issues and push India towards a more robust and reliable healthcare system…," HealthQuad said.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Teja Lele Desai)
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