HealthKois has launched a new healthcare investment fund with a target of US$300 million, plus a green shoe option of US$100 million.

Announced on June 6, 2025, the fund will support early growth-stage healthcare enterprises in India.

It is led by the founding team of HealthQuad: Charles Janssen, Ajay Mahipal, and Dr. Pinak Shrikhande.

The fund plans to invest between US$7 million and US$25 million per company over the next four years.

Focus sectors include HealthTech, Life Sciences, MedTech, Healthcare Delivery, and Climate Health.

It will prioritize companies with scalable operations, measurable clinical outcomes, and sustainable infrastructure.

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🔗 Source: HealthKois

🧠 Food for thought

1️⃣ India’s healthcare investment landscape is maturing with specialized funds amid surging market growth

HealthKois enters the market during a pivotal period for Indian healthcare investments, which reached $5-6 billion in 2024, nearly double pre-pandemic levels according to recent data 1.

The fund’s launch reflects a broader market trend where investors are establishing exclusive healthcare-focused funds to capitalize on India’s healthcare sector, which surpassed $370 billion in 2022 and is projected to reach over $610 billion by 2026 2.

The $7-25 million investment range targets the growth-stage funding gap that exists between early-stage venture capital and large private equity investments in India’s healthcare ecosystem.

This strategic positioning aligns with shifting investment priorities in Indian healthcare, where capital is increasingly flowing toward single-specialty providers, technology-enabled solutions, and scalable healthcare delivery models that can address accessibility challenges 1.

HealthKois’ focus on five specific subsectors (HealthTech, Life Sciences, MedTech, Healthcare Delivery, and Climate Health) reflects expert projections that consolidation in diagnostics, medical devices, and specialty care will drive the next wave of healthcare investments in India.

2️⃣ Post-pandemic healthcare investment thesis emphasizes dual returns and infrastructure resilience

HealthKois’ commitment to both financial returns and societal impact follows a documented shift in healthcare investment priorities after COVID-19, which exposed critical infrastructure gaps in India’s healthcare system.

The investment fund’s alignment with UN Sustainable Development Goal #3 and EU Sustainable Finance Disclosure Regulation Article 9 reflects a growing emphasis on measurable impact metrics alongside financial performance in healthcare investing 3.

Healthcare sector investments have demonstrated resilience to macroeconomic challenges, with KPMG reporting strong private equity exit track records and considerable returns even during economic downturns 4.

The fund’s focus on “infrastructure resilience” addresses a documented challenge in Indian healthcare—the rural-urban divide and infrastructure gaps that limit healthcare access for significant portions of the population 5.

By targeting early growth-stage businesses, HealthKois is positioning itself to benefit from India’s expanding healthcare innovation market, which grew from $3 billion in FY 2020 to approximately $7 billion in FY 2023 6.

3️⃣ Technology-enabled care models present the highest growth potential in addressing India’s healthcare gaps

HealthKois’ emphasis on technology-led healthcare companies responds to India’s rapidly accelerating digital health transformation, with AI and digital tools becoming central to addressing the country’s healthcare challenges.

The Ayushman Bharat Digital Mission aims to digitize over 500 million patient records, creating substantial opportunities for technology-enabled healthcare delivery models that HealthKois targets 7.

India’s doctor-patient ratio of approximately 1:1456—well below the WHO recommendation of 1:1000—creates a structural opportunity for technology-enabled care models that can expand the reach of limited healthcare resources 5.

HealthQuad’s reported impact of reaching 90 million lives demonstrates the scale potential of technology-enabled healthcare models in India’s underserved market.

The integration of AI and telemedicine in healthcare delivery is proving particularly effective in addressing rural healthcare gaps, where physical infrastructure is limited but mobile connectivity is increasingly widespread 8.

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