Quadria Group, a healthcare-focused private equity platform, has launched HealthQuad Fund III, with a proposed raise of up to $300 million (target corpus of $200 million with a $100 million greenshoe option).
As a successor to Funds I and II, the third fund seeks to build on a proven track record of identifying and scaling pioneering healthcare ventures that have significantly expanded access, affordability, and quality of care across India. The launch is part of Quadria’s long-term vision to build India’s most integrated healthcare investment platform, offering capital solutions from early-stage innovation to scaled growth across the healthcare value chain.
Incubated in 2016, HealthQuad was an initiative by the Quadria Group to create a distinct investment vehicle—separate from its flagship fund—focused on backing disruptive, tech-enabled healthcare models at the early growth stage. Funds I and II backed over 18 companies including Qure.ai, Medikabazaar, THB, Wysa, Ekincare, Redcliffe Labs, GoApptiv, and Strand Life Sciences, many of which have gone on to become category leaders.
With Fund III, the Quadria Group takes a step toward building India’s largest and most influential healthcare investment franchise.
As part of this next chapter, Quadria Group, through Dr Amit Varma, Abrar Mir and Sunil Thakur will assume full ownership and control of the platform following its separation from KOIS. Quadria Group has retained a large part of existing investment and investment committee team members who will continue to be involved in the existing portfolio investments.
Dr. Amit Varma, Co-founder and Investment Committee member, HealthQuad, said, “India presents one of the world’s most compelling healthcare investment opportunities—driven by growing demand, digital acceleration, and underserved segments across primary, diagnostic, and chronic care. With the full ownership of Fund III and expanded leadership, we are better positioned than ever to deliver cross-regional value for our portfolio companies, across South Asia, Southeast Asia, and the GCC, creating an unparalleled platform for health innovation.”
Sunil Thakur, Co-founder and Investment Committee Member, HealthQuad, said, “With Fund III, we aim to thoughtfully combine Quadria’s healthcare expertise, global capital network, and institutional partnerships to build a more integrated healthcare investment platform for India. The encouraging outcomes from Funds I and II, along with continued investor support gives us the confidence to further our mission of creating meaningful financial and social value—while helping our portfolio companies benefit from the broader Asia-focused healthcare ecosystem.”
Abrar Mir, Co-founder and Investment Committee Member, said, “HealthQuad is not just a fund—it’s Quadria’s conviction in motion. Over the years, we’ve partnered to shape into one of the region’s leading healthcare venture growth funds. From inception to impact, it reflects our unwavering belief in building a distinctive investment platform—one that supports diverse healthcare models across stages and healthcare segments, and accelerates their growth through our powerful ecosystem.”
Quadria Group intends to leverage its access to a large institutional investor pool across global and domestic investor pool who have shown interest in investing in an integrated platform. The Group recently closed Quadria Capital Fund III at $1.07 billion, with strong backing from leading global institutions.
