HealthQuad
HealthQuad is an India-based healthcare-focused venture capital firm founded in 2016, operating as Quadria Capital's early-growth arm. It invests in growth-stage healthcare companies across India and Asia, managing over $400M in AUM across 18+ portfolio companies.
- Company typePrivate
- Founded2016
- HeadquartersNew Delhi, India
- Headcount1–10
- GTM typeB2B
- OfferingServices
What HealthQuad does
HealthQuad is a healthcare-focused venture capital firm founded in 2016 and headquartered in India, operating as the early-growth investment arm of Quadria Capital. The firm invests in growth-stage healthcare companies across India, Southeast Asia, and GCC markets, with assets under management exceeding $400M and a portfolio of more than 18 companies spanning healthcare delivery, diagnostics, digital health, medical devices, and emergency response logistics.
The firm's core differentiator is operating expertise: a 20+ member team with over 200 years of collective clinical experience supports proprietary deal sourcing, due diligence, and post-investment value creation. HealthQuad leverages Asia's largest healthcare investment network — including co-investment partners, hospital chains, and clinical advisors — to access off-market opportunities and assist portfolio companies with clinical partnerships, regulatory navigation, and follow-on capital. Recent investments include participation in Qure.ai's $65M Series D (AI-driven diagnostics), Red.Health's $20M Series B (emergency response logistics), and LifeSigns (connected medical devices), indicating a deliberate tilt toward technology-enabled and AI-enabled healthcare models.
HealthQuad's revenue model is the standard alternative asset manager construct: recurring management fees (typically 1.5–2.0% of committed/invested AUM) provide baseline revenue, while performance-based carried interest on realized exits supplements income episodically. The firm raised Fund III with a $55M first close in June 2026, positioning it to expand its pan-Asian mandate. Its LP base spans fund-of-funds, institutional investors, and family offices, and in 2025 HealthQuad completed a mutual separation from KOIS, repositioning the brand as an independent entity within the Quadria ecosystem.
HealthQuad firmographics
Firmographics- Name
- HealthQuad
- Legal name
- Healthquad Advisors Private Limited
- Website
- http://healthquad.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- HealthQuad is an India-based healthcare-focused venture capital firm founded in 2016, operating as Quadria Capital's early-growth arm. It invests in growth-stage healthcare companies across India and Asia, managing over $400M in AUM across 18+ portfolio companies.
- Ownership category
- akta.pro rank
HealthQuad industry classification
Industry- Product category
- Healthcare Venture Capital / Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Healthcare & Life Sciences Growth Equity (FSANACAB)
- akta.pro secondary industry
- Healthcare Access & Life Sciences Impact Funds (FSANAJAI)
Keywords
Where HealthQuad is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
HealthQuad business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Fund Management Fees: Recurring management fees earned on capital commitments across three Category I/II Alternative Investment Funds (HealthQuad Fund I, HealthQuad Fund II, HealthQuad Trust III) registered with SEBI. Fund managers are Healthquad Advisors Private Limited and Healthquad Capital Advisors Private Limited.
- Investment Returns / Carried Interest: Returns generated from equity stakes in portfolio companies and successful exits; Group claims 16 exits across 38 investments. Fund I delivered 3X returns. The firm earns carried interest on realized profits above the preferred return hurdle.
- Capital Gains from Portfolio Exits: One-time and ongoing capital gains realized from partial or full exits of portfolio companies such as Medikabazaar (partially exited), AINU, Strand Life Sciences, Regency Health, and Hi Impact.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
HealthQuad product offering
Product offeringCore offering
HealthQuad is a healthcare-focused venture capital fund manager that pools institutional capital from limited partners via three SEBI-registered Alternative Investment Funds (HealthQuad Fund I, Fund II, and Fund III) and deploys it as equity investments into early-growth healthcare companies. Operating as the early-growth arm of Quadria Capital, the firm invests across four segments — HealthTech, MedTech, Bio/PharmTech, and novel healthcare delivery — with USD 30–50 million ticket sizes, while providing portfolio companies hands-on value creation support across sourcing, execution, scaling, and exit.
Product overview
HealthQuad's offering is a single unified venture capital investment platform — not a multi-module SaaS product — operated as the early-growth arm of Quadria Capital and structured around three registered SEBI funds: HealthQuad Fund I (Category I Venture Capital Fund, IN/AIF1/16-17/0216), HealthQuad Fund II (Category II AIF, IN/AIF2/19-20/0684), and HealthQuad Fund III (Category II AIF, IN/AIF2/23-24/1445). These three funds together constitute HealthQuad's core product set, channeling capital from LPs (fund-of-funds, institutions, family offices) into technology-enabled healthcare companies across HealthTech, MedTech, Bio/PharmTech, and novel healthcare delivery models, with a pan-Asian footprint spanning India, Singapore, Indonesia, and Vietnam.
Differentiator
Problem solved
Functional benefit
Products and services
- HealthQuad Fund I Category I – Venture Capital Fund (SEBI Registration No. IN/AIF1/16-17/0216) managed by Healthquad Advisors Private Limited; the firm's first healthcare-focused venture fund backing early-stage healthcare companies in India.
- HealthQuad Fund II Category II Alternative Investment Fund (SEBI Registration No. IN/AIF2/19-20/0684) managed by Healthquad Capital Advisors Private Limited; the firm's second healthcare-focused fund backing tech-enabled growth-stage healthcare companies.
- HealthQuad Fund III Category II AIF (SEBI Registration No. IN/AIF2/23-24/1445) managed by Healthquad Advisors Private Limited; the firm's third and current fund with INR 1,700 crore target corpus (expandable to INR 2,500 crore), focusing on early-growth investments with USD 30–50 million tickets across HealthTech, MedTech, Bio/Pharma Tech, and novel healthcare delivery. First investment: LifeSigns.
- HealthQuad Healthcare Venture Capital Platform Asia's leading healthcare-focused venture capital investment platform operated as the early-growth arm of Quadria Capital; pools institutional capital via the three HealthQuad Funds and deploys into new-age healthcare companies across Healthtech, Medtech, Novel Healthcare Delivery, and Bio/Pharmtech, offering portfolio companies strategic support across origination, execution, value creation, amplification, and realization.
Quantifiable outcome
- USD 400M+ in AUM across three funds
- +5 more outcomes
Companies that use HealthQuad
Customer profileSegments6 records
Ideal customer profiles2 records
HealthQuad technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HealthQuad partnerships and signals
Strategic signalScale indicators10 records
Recent moves7 records
Expansion highlights5 records
HealthQuad competitors and assessment
Company assessmentBroad incumbents
- Accel India: India-focused venture firm with healthcare investments across healthtech and medtech. Comparable as a category-leading India VC that competes for the same early-growth healthcare founders.
- Quadria Capital: Parent platform of HealthQuad and one of Asia's largest healthcare-focused PE firms with $4B+ AUM. Directly comparable as a healthcare-dedicated capital provider in India and Asia, though focused on growth/control buyouts versus HealthQuad's early-growth venture strategy.
- ChrysCapital: India's largest homegrown PE firm with growing healthcare exposure across pharma, hospitals, and healthtech. Comparable as a pan-Asia investor with healthcare vertical depth, though it operates more broadly across sectors and at larger ticket sizes.
- Norwest Venture Partners India: Global venture and growth equity firm with an active India healthcare practice, investing across healthtech, medtech, and healthcare services. Directly comparable as a growth-stage healthcare investor serving Indian and Asian founders.
- Peak XV Partners (formerly Sequoia Capital India): India's largest VC firm with deep healthtech exposure (Innovaccer, others) and a healthcare-dedicated practice. Comparable as a leading India VC with growing healthcare vertical depth competing for the same founder pool.
Regional players
- Impact Investors Council / Unitus Capital healthcare funds: India-focused impact investment advisor active in healthcare and education. Comparable as a regional capital partner targeting healthcare access and affordability themes across India, intersecting with HealthQuad's impact mandate.
Emerging players
- Leverage Innovation Ventures (LIV) / Dr. M.J. Bhatt healthcare funds: Emerging India-focused healthcare venture funds targeting similar early-stage healthtech and provider-services opportunities. Comparable as niche healthcare-dedicated funds competing for similar deal flow in India's healthtech ecosystem.
Others
- KOIS (Kois Invest / Belgium-based impact investor): Former strategic partner of HealthQuad/Quadria Group before the 2025 mutual separation. Comparable historically as a co-investor and co-platform in Asia healthcare impact investing; relevant as the prior shareholder relationship that just concluded.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
HealthQuad social profiles
Digital presenceHealthQuad financial estimates
Financial estimateRevenue estimate
Valuation estimate
HealthQuad leadership team
Management profileNumber of profiles
Profiles8 records
HealthQuad subsidiaries and ownership
Company hierarchySubsidiaries3 records
HealthQuad funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HealthQuad M&A and investment
M&A and investmentM&A
Investments32 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HealthQuad
What does HealthQuad do?
HealthQuad is a healthcare-focused venture capital fund manager that pools institutional capital from limited partners via three SEBI-registered Alternative Investment Funds (HealthQuad Fund I, Fund II, and Fund III) and deploys it as equity investments into early-growth healthcare companies. Operating as the early-growth arm of Quadria Capital, the firm invests across four segments — HealthTech, MedTech, Bio/PharmTech, and novel healthcare delivery — with USD 30–50 million ticket sizes, while providing portfolio companies hands-on value creation support across sourcing, execution, scaling, and exit.
Is HealthQuad a public or private company?
HealthQuad is a private company. It is classified as private equity controlled and is currently operating.
When was HealthQuad founded?
HealthQuad was founded in 2016. It employs 1 to 10 people.
Where is HealthQuad based?
HealthQuad is headquartered in New Delhi, India, in the Asia region.
How does HealthQuad make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are investment Returns / Carried Interest and capital Gains from Portfolio Exits.
Who are HealthQuad's main competitors?
Broad incumbents on record are Accel India, Quadria Capital, ChrysCapital, Norwest Venture Partners India and Peak XV Partners (formerly Sequoia Capital India). Impact Investors Council / Unitus Capital healthcare funds is listed as a regional player. Leverage Innovation Ventures (LIV) / Dr. M.J. Bhatt healthcare funds is listed as an emerging player. KOIS (Kois Invest / Belgium-based impact investor) is listed as an others.
Does HealthQuad have an API?
No public API is recorded for HealthQuad.
What industry is HealthQuad in?
HealthQuad's product category is Healthcare Venture Capital / Private Equity Fund Management. Its primary akta.pro industry code is FSANACAB, Healthcare & Life Sciences Growth Equity, with a secondary code of FSANAJAI, Healthcare Access & Life Sciences Impact Funds. Its NAICS code is 523940 and its SIC code is 6282.