Global venture capital firm Eight Roads Ventures backed by Fidelity has announced its first India-focused healthcare and life sciences fund of $250 million. The new fund will back 15 to 20 companies in the space, ranging from smaller investments to cheque sizes of up to $40 million.
The fund currently has amassed a portfolio of 25 companies in the healthcare and life sciences value chain since its first investment in 2011. The new fund will continue to focus on early- to growth-stage investments in life sciences, healthcare services, consumer health and digital health, according to a statement issued by the fund.
“Eight Roads has backed innovative businesses in India since 2007. The launch of this healthcare fund reflects our confidence in the evolution of the Indian market and our commitment to helping ambitious founders scale,” said Daniel Auerbach, Senior Managing Partner and Head of Global Ventures at Eight Roads Ventures.
He further added that the fund’s network manages over $8 billion of capital across China, India, Japan, Europe, and the US.
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With $1.6 billion worth of Assets Under Management (AUM), Eight Roads Ventures India has a portfolio of nearly 60 companies and invests in the broad sectors of healthcare and technology. The fund has backed the likes of Pharmeasy parent API Holdings, Nicotex brand owner Cipla Health, plant-based nutrition brand OZiva, employee healthcare platform eKincare, and dental clear aligner brand Toothsi, among others.
“Today is our day one, as we deepen our commitment to the healthcare sector in India. We have had the privilege of partnering with some of the best healthcare entrepreneurs in the country to build category-defining businesses,” said Dr Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures.
He further added, “Our aspiration is to continue backing such bold founders as India leapfrogs many other markets in delivering high-quality healthcare infrastructure, products and services. We are grateful to our founders, partners and the Fidelity ecosystem, for providing long-term and patient growth capital for our companies.”
The fund’s healthcare-focused investment team in India has 15 members ranging from academics to professionals in the space. Eight Roads also announced a technology-focused fund for China in March 2022, as part of its strategy to create sector-specific funds according to geographies.
