HealthKois Launches $300 Mn Fund For Growth Stage Startups

Healthcare-focussed HealthKois has launched a $300 Mn (around INR 2,500 Cr) fund to back early and growth-stage startups, with an additional green-shoe option of $100 Mn (about INR 860 Cr).

The fund will target healthtech, life sciences, medtech, healthcare delivery and climate health sectors. It aims to back 13 to 16 companies with an average ticket size of $7-25 Mn.

HealthKois is being managed by the leadership team of India-focussed venture capital firm HealthQuad which includes Charles Janssen, Ajay Mahipal and Pinak Shrikhande. As part of the investment thesis, HealthKois will support its portfolio companies with strategic guidance, go-to-market planning, organisational design, and governance. 

Founded in 2016, the VC firm invests in technology-backed disruptive healthcare models and is supported by Quadria Capital, a healthcare-focused private equity fund in Asia, and KOIS, a global pioneer in impact investing and innovative finance. HealthKois includes the likes of HealthifyMe, BeatO and Medikabazaar among its portfolio companies. The VC firm includes two investment vehicles namely, HealthQuad Fund I and HealthQuad Fund II. 

HealthQuad marked the final close of its second fund at $162 Mn three years back. With the help of this investment vehicle, the VC firm made some notable investments including THB, Stanplus, ekincare, Impact Guru, Qure.ai and more.  

While the firm’s maiden fund marked its final closure in 2017 with a total commitment of $11.6 Mn. Launched by the founders of Quadria Capital Fund L.P, initially the fund had a target corpus of $10 Mn. 

The State Of Funding In Healthtech 

Investment in India’s healthtech sector has been sluggish in the past three years, but saw some revival in 2024. According to Inc42’s report, last year funding in the healthtech startup ballooned 207% to $716 Mn from $233 Mn in the previous year. But remained far below from its peak of $1.4 Bn clocked in 2022. 

As per Inc42’s Indian Tech Startup Funding Report Q1 2025, healthtech startups mopped up $301 Mn in the first quarter of 2025. 

However in totality, the healthtech sector remained one of the least favourite areas to make their bets. From 2014 to the first half of 2024, startups in this sector could only manage to raise $7 Bn compared to the cumulative funding raised by Indian startups during this period that crossed the $150 Bn mark across 10,500 deals, an Inc42 report mentioned.