The fund will seek to invest in around 30 healthcare start-ups of under 3 years of operations with qualified team, proof of concept, revenue & business traction
Huzaifa Khorakiwala, Executive Director, Wockhardt, has recently launched a healthcare angel fund that is targeting to raise Rs 125 crore to be invested in start-ups.
Health Passion Fund is targeting to raise Rs125-crore corpus and will look at an investment up to Rs 5 crore in each start-up, according to a statement issued by Wockhardt. The fund will seek to invest in around 30 healthcare start-ups of under three years of operations with qualified team, proof of concept, revenue and business traction. It will focus on emerging firms using technology as an enabler or driver in healthcare, it said. Having managed and grown a healthcare unicorn in India, Khorakiwala, wants to strengthen the healthcare start-up ecosystem and support creation of more healthcare unicorns from India.
“Global precedents show this can reduce cost and response time, and increase efficiency of the sector. Besides, this can create more domestic jobs,” the statement quoted Khorakiwala as saying. “We will also help our funded start-ups to rollout a no-frill version of their product for the masses and thus create a well-funded basket of inclusive healthcare solutions for Indian masses.”
ProHealth Catalyst will be the investment advisor of the fund and its key members are Sumit K Mody and Anand Oswal.
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