INDIA – Eight Roads Ventures, a global venture capital firm backed by Fidelity, has announced the US$250 million launch of its first India-focused healthcare and life sciences fund.
The new fund is targeting early- to growth-stage companies, with the goal of making 15 to 20 investments ranging from US$100,000 to those up to US$40 million.
The new investment vehicle will continue to build on Eight Roads’ focus on healthcare and technology. It currently holds a portfolio of 25 companies across the health and life sciences sectors.
Since its first investment in 2011, the fund has amassed a portfolio of 25 companies in the healthcare and life sciences value chain.
According to the fund’s statement, the new fund will continue to focus on early- to growth-stage investments in life sciences, healthcare services, consumer health, and digital health.
It has now invested in over 60 companies since 2011, beginning with a healthcare venture in India and invests in the broad sectors of healthcare and technology, with US$1.6 billion in Assets Under Management (AUM).
Eight Roads launched its India franchise in 2007, with backing from American global financial firm Fidelity Investments.
According to Daniel Auerbach, senior managing partner and head of global ventures, the creation of the new healthcare fund demonstrates Eight Roads’ confidence in the Indian market’s progress and commitment to assisting ambitious creators scale.
The fund’s healthcare-focused investment team in India includes 15 members ranging from academics to industry professionals.
Among startups in Eight Roads’ investments portfolio include API Holdings, the parent company of India’s largest e-pharmacy platform PharmEasy, Laurus Labs, a major manufacturer of antiretroviral active ingredients, and Cipla Health is a consumer health firm.
Others in Eight Roads portfolio include regulated market injectable drug manufacturer Caplin Steriles, Ashish Life Science, a manufacturer of veterinary products, Immuneel Therapeutics, a company that specializes in cellular immunotherapy, PlasmaGen BioSciences, a blood plasma product provider, CareStack, a provider of dental clinic practice management software.
Even more beneficiaries of Eight Roads funding include plant-based nutrition brand OZiva, employee healthcare platform eKincare, and dental clear aligner brand Toothsi.
In March 2022, Eight Roads announced a technology-focused fund for China as part of its strategy to create sector-specific funds based on geography.