W Health Ventures closes second fund at $84

Healthtech-focused venture capital firm W Health Ventures has closed its second fund at ₹700 crore, equivalent to approximately $84 million. This final figure surpasses the fund's original target corpus of ₹630 crore.

Launched in July 2025, the fund reached its first close in February at ₹550 crore, or $60.6 million. According to the firm, it plans to back between eight and ten early-stage healthtech startups over the next four years, targeting companies from the pre-idea stage through to growth stages in both India and the United States.

Investment Strategy and Fund Backers

The capital was raised from a combination of family offices and institutional investors based in India and the US, who served as the fund's limited partners. Managing partner Pankaj Jethwani explained the firm's distinctive approach to Inc42. He said the firm seeks to identify concepts at a very early stage and then spends considerable time pressure-testing the ideas.

“Once we pick the area we’re most excited about, we build a founding team around it and surround that team with resources,” Jethwani said. He added that the firm's approximately 50-person in-house team of technologists, entrepreneurs, and clinicians collaborates to scale these companies, acting as co-founders of the business.

Initial Deals from Fund II

W Health Ventures has already established and funded two startups using its second fund. In March 2025, the firm partnered with Narayana Health to set up Everhope Oncology, a cancer care platform, infusing $10 million, or about ₹86 crore. Later, in October 2025, it launched Everbright Health in the US, investing $7 million alongside Sanos Capital.

Firm Background and Market Context

Founded in 2020 by Sunil Wadhwani and headquartered in Mumbai, W Health Ventures builds healthcare companies from pre-idea to category leader across India and the US-India corridor. The firm typically writes cheques ranging from ₹30 crore to ₹50 crore. Its first fund has backed 12 startups in India and the US, including Wysa, BeatO, Mylo, Reveal, and BabyMD.

The fund's close occurs during a period of reset in India's healthtech funding market, where investors are becoming more selective about digital-health business models. W Health Ventures is also part of a broader shift among venture investors towards company creation, where funds participate earlier than the traditional pre-seed or seed stage. Instead of waiting for founders to build businesses, these firms identify problems themselves, validate the opportunity, and then assemble founding teams.