Dec 14, 2016

Google Pinterest Reddit Huzaifa Khorakiwala , Executive Director at Wockhardt Limited is all set to launch a healthcare-focussed angel fund named, ‘Health Passion Fund’ that will target to raise $19 Mn (INR 125 Cr) to invest in startups focusing in the healthcare space. As per the company statement, Health Passion Fund will be looking at an investment up to $741K  (INR 5 Cr) in each startup and will enter the startup in the Pre-Series A and Series A rounds. It further stated that the fund will seek to invest in around 30 healthcare startups, under three years of operations with a qualified team, proof of concept, revenue, and business traction. The fund will focus on emerging firms using technology as an enabler or driver in healthcare. “Technically, the fund is not a Wockhardt-related fund and does not have any connection with the company. Our focus is slightly bent towards technology because that is where we believe we can add more value,” Khorakiwala, founder of the Health Passion Fund,  told ET . Huzaifa will be launching the fund in his personal capacity. The registration process of the fund is underway. He will approach the market to get on board limited partners (LPs), most of whom will be based out of India. ProHealth Catalyst will be the investment advisor of the fund and its key members are Sumit K. Mody and Anand Oswal. Prior to this, Sumit led the setting up of Healthcare Innovations Fund for Sunil Wadhwani of iGate, while Anand has been an Executive Director at UBS Singapore. The company has already started shortlisting potential startups for funding. It will raise its corpus in multiple rounds and expects to close the first round by March 2017, raising more than half the total amount. Advertisement