Singapore's Quadria Capital to Invest $80 Million in Hospitals, Diagnostics Chains Tapping Eastern India

Quadria aims to collaborate with strong promoters and prioritise opportunities with substantial scale to address the under-penetrated healthcare market effectively.

Quadria Capital, a Singapore-based healthcare sector fund, is going to invest $80 million in hospitals and diagnostics chains in Eastern India. Notably, Quadria was an early investor in Medica Hospitals, Kolkata, subsequently exiting the venture with Temasek taking its place.

Following its exit from Medica, Quadria does not have a current presence in the Eastern region. Sunil Thakur, a partner at Quadria, noted that Eastern India remains an under-penetrated healthcare market, with healthcare infrastructure at just 1/9th of the global average. He highlighted cities such as Kolkata, Siliguri, Patna, and Ranchi as having substantial untapped potential.

Thakur also mentioned that they are actively seeking opportunities in West Bengal, with a focus on collaborating with strong promoters under favourable terms.

Quadria Capital is not only eyeing hospital investments but also placing a significant emphasis on diagnostics and preventive healthcare. "Preventive healthcare and its market are also a focus area. The market for preventive healthcare in the country is $35 to 40 billion," he added.

Quadria Capital, an independent private equity firm specialising in healthcare, boasts an asset under management (AUM) of $3.4 billion. Founded in 2012 by Abrar Mir and Amit Varma, the firm focuses on growth capital investments in small and middle-market companies within the healthcare sector across South and Southeast Asia.

Currently, Quadria Capital manages a portfolio of 22 companies, having invested in a total of 18. Their most recent investment was in MediBuddy during a Series C funding round on August 30, 2023. Quadria Capital's most recent acquisition is Straits Orthopaedics on April 28, 2023.

Quadria Capital's commitment to investing in the healthcare sector of Eastern India underscores the region's potential for growth and development in the healthcare industry, aiming to address the critical healthcare needs of the population in the area.

In a similar development, GenWorks Health, a medical technology startup, successfully secured $4 million in funding from the renowned investment firm BlackSoil in May this year.   

This investment empowers GenWorks Health in its expansion efforts, allowing the company to extend its healthcare services to underserved regions. The focus is on Tier-II and III cities, where the aim is to enhance both affordability and accessibility, making vital healthcare services available to a broader population.