HealthQuad

Overview

HealthQuad is a healthcare-focused investment platform founded in 2016 and based in India, with offices across India and Southeast Asia. It operates as the early-growth investment arm of Quadria Capital and focuses on companies using technology and new business models to improve healthcare access, affordability and quality. Its investment areas span HealthTech, MedTech, novel healthcare delivery and Bio/PharmTech, with a broader mandate across Asia.

Investment Focus and Stage

HealthQuad primarily partners with high-growth, early-growth healthcare companies that have demonstrated commercial scale and the potential to become category leaders. Its four core areas are digital health and healthcare financing, medical devices and diagnostics, new models of healthcare delivery, and technology-driven businesses across the pharmaceutical value chain.

The firm's approach goes beyond funding. Its investment team combines healthcare, clinical and operating experience with access to Quadria Capital's wider network of hospitals, pharmaceutical companies, insurers and policymakers.

Fund Size and Portfolio

HealthQuad has launched three funds. Fund I was structured as a Category I Venture Capital Fund, while Fund II and Fund III are Category II AIFs. Its current Fund III is targeting up to $300 million, including a greenshoe option, and builds on the firm's earlier healthcare investment vehicles.

The current HealthQuad portfolio lists 18 companies across its funds. Its investments include Qure.ai, which uses AI for medical imaging; Wysa, an AI-powered mental health platform; Redcliffe Labs, a technology-enabled diagnostics network; GoApptiv, a digitally enabled healthcare distribution platform; CureSkin, an AI-led dermatology platform; and Medikabazaar, a B2B medical-supplies marketplace.

Other portfolio companies include CarePal, BeatO, Healthify, Ekincare and Beta Drugs. The portfolio spans digital healthcare, diagnostics, chronic-care management, healthcare financing and pharmaceutical businesses.

Leadership

HealthQuad was co-founded by Abrar Mir, Dr. Amit Varma and Sunil Thakur, who remain members of its Investment Committee. Rahul Agarwal is a Partner and Investment Committee member and leads the investment team around the firm's current fund strategy.

Mir brings a background in healthcare investment banking and co-founded Quadria Capital. Thakur has more than two decades of private equity and venture capital experience and has focused on healthcare transformation since co-founding HealthQuad. Agarwal brings more than 18 years of private equity experience, including healthcare investments and exits across India and Southeast Asia.