W Health Ventures said its portfolio companies have so far reached 25 million patients
W Health Ventures, a healthcare-focused venture capital firm, has closed its second fund at ₹700 crore, surpassing its initial target of ₹630 crore, as it looks to build 8-10 healthcare companies from the pre-idea stage to category leaders over the next four years.
The Mumbai-based firm said Fund II will further its “company creation” model, under which its in-house team of physicians, operators and technologists identifies gaps in healthcare delivery, spends 12-18 months evaluating and de-risking opportunities, and then recruits founding teams to build companies around them.
“India is at an inflection point in healthcare as the rising demand and constrained supply create a structural mismatch. That mismatch is where lasting businesses are built,” said Dr Pankaj Jethwani, managing partner, W Health Ventures.
Unlike a conventional venture fund that primarily invests in existing startups, W Health Ventures said it develops businesses from the idea stage. The firm has a 50-member team and focuses on healthcare problems where it believes there is scope for first-to-market solutions.
Finding Mismatches
“We’re not importing a Silicon Valley playbook and hoping it works here,” Jethwani said. “We go to the parts of the healthcare system where the structural mismatch is the highest, and we stay with that problem for a year, sometimes longer, chipping away at it before we build anything.”
The firm said the model has already produced two companies under Fund II. Everhope Oncology, built in partnership with Narayana Health, is focused on co-ordinated, patient-centred oncology care, while Everbright Health is developing advanced interventions for treatment-resistant depression in the US.
W Health Ventures said its portfolio companies have so far reached 25 million patients. With Fund II, the firm plans to expand its company-creation approach across India as well as the US-India corridor.
“We’re building healthcare companies that solve what stands between a billion people and better health,” Jethwani said.
Published on September 7, 2026
