HealthKois Plans $400Mn Fund to Back India’s Emerging Healthtech & Biopharma Startups

Reportedly, the fund will target companies operating in AI-led healthtech, medtech, biopharma, healthcare delivery, and climate health.

Delhi-based growth-stage venture capital firm HealthKois is gearing up to launch a $400-million fund focused on India’s healthcare sector.

Reportedly, the fund will target companies operating in AI-led healthtech, medtech, biopharma, healthcare delivery, and climate health.

Sharing thoughts, Charles Janssen, managing partner, HealthKois, said, “We have started raising this fund from LPs (limited partners). Our LPs are split between Asia, Europe, and the US.”

HealthKois is aiming for a first close by the end of this year or early 2026, with plans to invest over the next four years. Investment ticket sizes will range from $7 million to $25 million per company, as reported by ET.

“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 added.

This new fund follows the firm’s earlier vehicles Healthquad I & II, which invested in notable startups such as Qure.AI, Wysa, GoApptiv, and Cureskin. HealthKois plans to deploy 50% of the new fund towards healthtech, with around 10-15% each across biopharma, medtech, healthcare delivery, and climate health.

“The idea is to back early growth, Indian healthcare companies that use technology or innovative business models to address critical challenges in the healthcare system and solve for affordability, accessibility, and quality of care,” Mahipal said.

The fund plans to seek potential exits in 4-5 years. According to Janssen, HealthKois’ limited partners include DFIs (development finance institutions), pension funds, funds of funds, corporates, insurance companies, banks, family offices, and marquee strategic investors active in the healthcare space.

Explaining the focus on biosimilars and advanced therapeutics, partner Pinak Shrikhande noted, “A lot of innovation and early drug development have started occurring in the biosimilar, cell and gene therapy, and others in India. And here it is at a much more affordable cost than what happens globally.”

On the medtech front, Mahipal added, “Medtech could include point-of-care devices or software or technology used in healthcare for prevention, diagnosis (imaging analysis), treatment, and monitoring of diseases. Other healthcare models have also embraced proprietary software solutions to address hospital operational challenges. For instance, some platforms help hospitals predict inventory stock-outs and automate timely reordering. This not only prevents shortages of critical supplies but also improves inventory management, thereby freeing up working capital and enhancing overall financial efficiency.”

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