Delhi-based growth-stage venture capital firm HealthKois plans to launch a $400 million fund to invest in India’s healthcare innovation. According to managing partner Charles Janssen, the fund will primarily focus on companies operating in AI-driven healthtech. Moreover, it will target opportunities in medtech, biopharma, healthcare delivery, and climate health, reflecting a comprehensive approach to advancing the healthcare sector.
“We have started raising this fund from LPs (limited partners). Our LPs are split between Asia, Europe, and the US,” Janssen said.
HealthKois is targeting its first close by the end of this year or early 2026. The firm plans to deploy the capital over the following four years, with individual investment amounts expected to range between $7 million and $25 million.
“We are looking at a $300 million fund with a green shoe option of another $100 million,” said Ajay Mahipal, partner at HealthKois. “We are looking at 13-16 portfolio companies in the HealthKois fund,” he said.
Building on the legacy of its predecessor funds, HealthQuad I and II—which backed companies such as Qure.AI, GoApptiv, and Cureskin—HealthKois now plans to allocate approximately 50% of its new fund to healthtech. Additionally, it aims to dedicate 10–15% of the capital to each of the biopharma, medtech, healthcare delivery, and climate health segments.
“The idea is to back early growth, Indian healthcare companies that use tech or innovative business models to address critical challenges in the healthcare system and solve for affordability, accessibility, and quality of care,” Mahipal said.
With its $400 million fund, HealthKois aims to strengthen India’s healthcare innovation ecosystem by backing innovative startups across key sectors. By prioritizing healthtech and strategically diversifying into biopharma, medtech, healthcare delivery, and climate health, the firm aims to actively shape the future of healthcare in the country.
