W Health Ventures has closed its second fund at Rs 700 Cr, overshooting the Rs 630 Cr target, as the Mumbai firm doubles down on a company-creation model that is rare in Indian healthcare.
Family offices and institutional investors from India and the US supplied the capital. The fund, launched in July 2025 with a first close of Rs 550 Cr in February, will back eight to ten early-stage healthtech companies over the next four years, from pre-idea to growth stage.
Rather than simply writing cheques, W Health’s roughly 50-person in-house team of physicians, operators and technologists identifies gaps in care delivery, pressure-tests them for 12 to 18 months, then recruits founding teams to build businesses. Managing partner Pankaj Jethwani describes the approach as mining diamonds rather than chasing a gold rush.
Fund II has already produced two companies. Everhope Oncology, built with Narayana Health, targets coordinated cancer care, and Everbright Health is working on treatment-resistant depression in the US. The firm’s first fund backed 12 startups including Wysa and BeatO, and its portfolio companies have reached about 25 million patients.
The close lands during a reset in Indian healthtech investing, with backers growing pickier about digital-health economics. W Health’s answer is to own more of the risk earlier, building companies around structural supply-demand mismatches instead of waiting for founders to arrive with pitch decks.
