British International Investment

Healthquad Fund II

IndiaSouth AsiaCommunications & IT servicesConsumer - HealthFinancial services

HealthQuad focuses on investing into early-stage healthcare
businesses in India, in particular those that leverage technology or
adopt innovative business models to address healthcare challenges, and that have an explicit focus on creating positive social impact.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

Technology is needed to leapfrog some of the major capacity constraints in India's healthcare sector, such as the need for two million beds to meet WHO guidelines of 3.5 beds per 1,000 people and personnel constraints with two million physicians and four million nurses to meet WHO guidelines. With a clear focus on health-tech businesses that can scale affordable and quality healthcare solutions, Fund II has already built a strong pipeline of companies to help address the access gap such as a digital wellness platform, a tech-enabled emergency medical response provider and a digital healthcare lending platform.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • Improved health outcomes, with a particular focus on achieving universal health coverage and access to quality essential health-services (SDG 3; SDG 3.8)
  • Enhanced economic opportunities through job creation (SDG 8.5)


Primary Secondary

Our investment will support the manager to invest in early-stage companies spanning the healthcare ecosystem, enabling their growth to improve access, affordability and/or quality of healthcare, as well as create jobs by focusing on more disruptive companies than traditional models.

The fund manager will seek to prove that it is financially viable to serve lower-income patients at scale, and will seek out companies that are addressing the ‘mega challenges’ in healthcare through innovation and technology-enabled solutions.


Stakeholder Geography Characteristics
Patients/ consumers

India; broad range of urban and rural geographies depending on business model.

Some investments will target patients/consumers from a range of incomes, with the majority anticipate to earn less than 10L INR per annum; cross-subsidisation for lower-income patients/consumers is likely to be a feature of several of the business models.

Other investments will benefit all parts of society and especially the different types of workers in the healthcare ecosystem, with a specific focus on benefitting those for whom the current healthcare system works less effectively.


India with a likely focus on Tier II/III cities.

The fund will target companies that will be working with a range of healthcare employees from highly qualified doctors and technology professionals to low-skilled support staff.

How much?

Scale Depth/Duration
  • Patients/Consumers: We expect Fund II companies to reach millions of individuals.
  • Patients/consumers: With the fund targeting companies that are improving access, affordability and/or quality of Healthcare for low-income patients/consumers in underserved Tier 1 and 2 regions in India, we expect the impact to be meaningful from both depth and duration perspective.

  • Employees: The impact on economic opportunities is expected to be deeper in areas where there are higher levels of unemployment.


  • Financial additionality: Our capital is needed for the fund to reach its target size.
  • Value addtionality: We are supporting the manager to strengthen environmental, social and governance processes and systems across investee companies.
  • Mobilisation: Our financial commitment is a positive signal to other investors

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.



Execution Risk
  • impact: the impact case relies on the Manager’s ability to find and invest in businesses that serve target populations.
Evidence Risk
  • if a large proportion of investee companies are business-to-business models, it may become challenging to determine the characteristics of the end-beneficiaries and the scale/Depth of impact experienced by them.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

With HealthQuad, we agreed on an ESAP integrating environmental and social risk management across the investment cycle.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Consumer - Health, Financial services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    December 2021
    Amount :
    Currency of investment :
    Fund Manager:
    Healthquad Capital Advisors Private Limited

    The company or investment fund’s place of incorporation.

    2X Gender Finance

    Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.

    Fully qualified

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
BeatO India South Asia Consumer - Health December 2022 Active
Ekincare India South Asia Consumer - Health April 2022 Active
GoApptiv Private Limited India South Asia Communications & IT services September 2022 Active
Healthifyme Pte Ltd India South Asia Consumer - Health September 2021 Active
Impact Guru India South Asia Financial services October 2021 Active
Medikabazaar India South Asia Consumer - Health April 2022 Active
Qure.AI India South Asia Consumer - Health April 2022 Active
Redcliffe Lifetech India South Asia Consumer - Health May 2022 Active
Sekhmet Technologies Pvt. Ltd India South Asia Communications & IT services July 2020 Active
Stanplus India South Asia Consumer - Health February 2022 Active
Touchkin eServices Private Limited India South Asia Communications & IT services September 2022 Active

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