A Leadership Realignment
Founded in 2015, HealthQuad emerged as a pioneering player investing in early-stage healthcare ventures in India. The firm was co-founded by Sunil Thakur, Dr. Amit Varma, Abrar Mir—all Quadria Capital veterans—along with Charles-Antoine Janssen, who also took on the role of Chief Investment Officer. Together, they navigated the firm through India’s rapidly evolving healthcare sector, backing companies like Qure.ai, HealthifyMe, Medikabazaar, Ekincare, and the Asian Institute of Nephrology and Urology (AINU). However, recent developments signal a new era for HealthQuad. According to filings with the market regulator, the third fund will be managed solely by Thakur, Varma, and Mir. Charles-Antoine Janssen is parting ways with the firm to launch his own healthcare-focused investment platform, HealthKois, in India. Alongside him, two senior HealthQuad executives, Pinak Shrikhande and Ajay Mahipal, are also set to depart. Janssen’s LinkedIn profile and HealthKois’ mission indicate an enduring commitment to impact-driven investments. HealthKois aims to address the healthcare accessibility gap by funding scalable, technology-driven solutions to provide affordable healthcare for all Indians, irrespective of income levels.The Legacy and Growth Trajectory
HealthQuad’s legacy is marked by its focus on early-stage innovation in healthcare—a sector historically underpenetrated by venture capital in India. Its first fund raised around ₹75 crore (~$10 million) in 2016, planting seeds in a fledgling ecosystem of health tech, medtech, and specialty care providers. Its second fund, closed with $162 million in commitments, continued to back transformative companies, aligning capital with critical healthcare needs. While HealthQuad continues deploying capital from its second fund, the third fund, at $300 million, will significantly bolster its capacity to back high-potential ventures. Despite the change in leadership, the commercial terms of the first two funds are set to remain unaffected.Quadria Capital’s Expanding Footprint
The reshuffle at HealthQuad comes amid an equally significant development at Quadria Capital, HealthQuad’s parent entity. Quadria recently announced the final close of its third fund, raising a remarkable $1.07 billion in primary commitments and an additional $114 million in co-investment capital. Notably, Quadria is poised to deploy approximately 60% of this fund in India, targeting investments across single-specialty hospitals, diagnostic chains, medical devices, and pharmaceutical manufacturing. Quadria’s strategic thrust underlines an essential trend: healthcare investment in Asia, and particularly in India, is scaling rapidly, driven by demographic shifts, increasing healthcare awareness, and an urgent need for technological innovation to close existing gaps in care delivery.HealthKois: A New Challenger
While HealthQuad gears up for its next chapter, Charles-Antoine Janssen’s HealthKois is set to add a new dimension to India’s healthcare investment landscape. Expected to target a $300 million corpus, HealthKois will leverage Janssen’s extensive experience in impact investing and blended finance models. His prior work with KOIS s.a., an impact investment firm based in Belgium, and his role on the investment committees of Tara IV and Impact Expansion Funds, have cemented his reputation as a stalwart in socially-driven investment models. Although specific strategies for HealthKois remain under wraps, market observers anticipate a strong focus on early to growth-stage healthcare ventures—particularly those addressing preventive health, healthtech platforms, and inclusive care models.What This Means for India’s Healthcare Sector
India’s healthcare sector is at a critical inflection point. The COVID-19 pandemic exposed systemic vulnerabilities but also accelerated digital health adoption, telemedicine, AI-driven diagnostics, and home healthcare solutions. Venture and growth capital in healthcare, once a niche play, is now seen as vital to building resilience and inclusivity in the system. With HealthQuad’s seasoned GPs steering a larger fund and HealthKois entering the scene with a social impact mandate, Indian healthcare entrepreneurship is poised to benefit from a robust infusion of capital and strategic support. This evolution signals a broader, more mature ecosystem where commercial returns are increasingly being aligned with societal impact.In Summary: HealthQuad’s $300 million third fund marks not just an expansion in financial scale but also a symbolic reorientation in its leadership and strategy. As HealthKois prepares to launch and Quadria Capital deepens its healthcare investment footprint, India’s healthcare innovation landscape is bracing for transformative growth. The twin forces of capital sophistication and impact-driven investing could well define the next decade of healthcare in India.