W Health Ventures Closes INR 550 Cr Fund II to Build Healthcare Firms

W Health Ventures has announced the initial close of its second fund at INR 550 crore, moving towards a final target of INR 630 crore, as it deepens its focus on building healthcare companies from the ground up.

Rather than backing existing startups, the firm continues to centre its strategy on company creation, co-founding businesses alongside clinicians, operators and founders to address persistent gaps in healthcare delivery across India and the US-India corridor.

The move comes at a time when India’s healthcare system is facing growing pressure from chronic disease, changing patient expectations and limited specialist capacity.

A Venture-Building Response to Structural Care Gaps

W Health Ventures was founded in 2021 on the premise that many healthcare challenges cannot be solved through incremental innovation alone. The firm’s approach involves identifying clinical and operational white spaces, assembling founding teams, and supporting execution through shared playbooks and partnerships.

According to the firm, rising demand for reliable and accessible care is colliding with constraints on the supply side, particularly in specialist services and infrastructure. Fund II is intended to support companies designed specifically around these constraints, with technology and clinical models developed in tandem.

“We work with founders, clinicians, operators, and strategic partners to co-found companies from inception. We identify underserved clinical and operational whitespaces, assemble founding teams, and support execution through shared playbooks, partnerships, and an experienced platform team,” said Dr Pankaj Jethwani, Managing Partner, W Health Ventures.

Building on Fund I Outcomes

W Health Ventures’ first fund backed a mix of India-focused and cross-border healthcare companies spanning chronic care, paediatrics, obesity, diabetes and mental health.

Its Fund I portfolio includes Nivaan, BeatO, ElevateNow, BabyMD and Mylo in India, alongside companies such as Wysa and Reveal HealthTech operating across the US-India corridor. All companies from the first fund have gone on to raise external growth capital.

The firm says these outcomes have informed a more ambitious approach in Fund II, with plans to build eight to ten new companies over the next four years and invest INR 30–50 crore in each incubation.

Early Deployments Point to Oncology and Mental Health

Capital from Fund II is already being deployed. Everhope Oncology, the first company launched from the new fund, is a national oncology platform founded in partnership with Narayana Health. The venture aims to integrate global advances in oncology into coordinated, patient-centred care across diagnosis, treatment and recovery.

In parallel, W Health Ventures is incubating a stealth venture in the US focused on helping psychiatry clinics launch and scale advanced treatments for patients with treatment-resistant depression.

The firm is also evaluating opportunities in areas such as longevity and preventive health, geriatrics, and chronic pain management.

LP Confidence in a Long-Term Healthcare Thesis

W Health Ventures said the fundraising process reflected investor confidence in its venture studio model and long-term view of healthcare transformation.

“We are grateful to our limited partners for their trust and support. Across the fundraising journey, they were supportive of our ability to build generational healthcare companies from the ground up in critical areas of care that make a real difference for patients,” said Gaurav Porwal, Partner, W Health Ventures.

As healthcare systems in India and globally continue to strain under demographic and disease-related pressures, W Health’s Fund II signals a belief that purpose-built companies, rather than incremental fixes, will be required to deliver care at scale.