Eight Roads launches $250m fund for Indian healthcare firms

Eight Roads Ventures has launched a US$250 million fund in India dedicated to investing in startups in the life sciences and healthcare services industries.

Eight Roads’ healthcare investment team in India / Photo credit: Eight Roads

The fund is targeting early- to growth-stage companies, with the goal of making 15 to 20 investments ranging from smaller deals 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. 

The fund brings Eight Roads’ total assets under management in India to US$1.6 billion.

Backed by American multinational financial institution Fidelity Investments, Eight Roads launched its India franchise in 2007. It has since backed over 60 companies, making its first healthcare investment in India back in 2011. 

Daniel Auerbach, senior managing partner and head of global ventures at Eight Roads, said the launch of the new healthcare fund reflects the VC firm’s confidence in the evolution of the Indian market and commitment to helping ambitious founders scale. 

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Among the healthcare startups that are part of Eight Roads’ portfolio include: 

• Laurus Labs, a major manufacturer of antiretroviral active ingredients 
• API Holdings, the parent company of India’s largest e-pharmacy platform PharmEasy
• Cipla Health, a consumer health company
• Caplin Steriles, a manufacturer of injectable drugs for regulated markets 
• Ashish Life Science, a veterinary product manufacturer
• Immuneel Therapeutics, a cellular immunotherapy company
• PlasmaGen BioSciences, a provider of blood plasma products
• CareStack, a provider of practice management software for dental clinics 
• Toothsi, a provider of clear dental aligners