Quadria Group launches $300 million HealthQuad Fund III to build India’s largest healthcare investment platform

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Quadria Group, Asia’s leading healthcare-focused private equity firm, has launched HealthQuad Fund III with a target corpus of $200 million and a $100 million greenshoe option, aiming to create India’s most integrated healthcare investment platform. The fund marks a strategic evolution of Quadria’s venture capital arm, building on the success of Funds I and II, which backed over 18 transformative healthcare startups.

The launch follows Quadria’s oversubscribed close of its flagship Quadria Capital Fund III at $1.07 billion, signaling strong global investor confidence in the firm’s healthcare thesis. HealthQuad Fund III will focus on early to late-stage investments across India’s healthcare value chain, targeting tech-enabled models in diagnostics, chronic care, and digital health.

“With full ownership and expanded leadership, we are better positioned than ever to deliver cross-regional value,” said Dr. Amit Varma, co-founder and Investment Committee member. The fund will be led by Quadria’s founding team—Dr. Varma, Abrar Mir, and Sunil Thakur—who assume full control of HealthQuad following its separation from KOIS.

Quadria plans to retain most of the existing investment team while adding seasoned clinical and operational talent. The fund will leverage Quadria’s pan-Asian network and institutional investor base to scale portfolio companies across South Asia, Southeast Asia, and the GCC.

“HealthQuad is not just a fund—it’s Quadria’s conviction in motion,” said Mir. “We’ve built a distinctive platform that supports diverse healthcare models and accelerates their growth through our ecosystem.”

Founded in 2012, Quadria Capital manages over $4 billion in assets across 27 investments in India, Vietnam, Indonesia, Malaysia, and Singapore. HealthQuad, launched in 2016, has grown into one of India’s largest healthcare innovation-focused venture funds, with an AUM exceeding $300 million.