Healthcare venture capital HealthQuad has announced the closing of its second fund round at $162 million. This figure is 2.2 times bigger than the number anticipated at its launch.

This round was led by pharma giant MSD. With their Fund-II, HealthQuad plans to invest it in 10 to 15 private healthcare players in the Indian startup ecosystem. For this, they select such startups that help create a large social impact by using the technology to achieve high reach and scale.

Founded by Abrar Mir, Amit Varma and Charles-Antoine Janssen, it has been investing in Indian healthcare startups since 2016. They have invested in Ekincare, Stanplus, THB, Medikabazaar, Impactguru, Qure.ai and HealthifyMe amongst many others.

Their investor base includes Ackermans & van Haaren, Teachers Insurance and Annuity Association of America, Quilvest, HCL Corporation, Swedfund along with Small Industries Development Bank of India.

As much as $60 million has already been invested in various startups from HealthQuad Fund-II. The venture is backed by Quadria Capital and KOIS. In their first outing in 2017, they had raised Rs 75 crore, which was higher than the anticipated Rs 65 crores. 

India's startup scene is quite vibrant. Over 8000 Indian startups belong to the Healthtech category alone, making it a promising area to invest in.