Singapore-based venture capital firm Jungle Ventures said Thursday it has absorbed early-stage VC firm HealthXCapital to strengthen its presence in the healthcare sector across India and Southeast Asia.
The addition of the HealthXCapital team will help Jungle broaden its portfolio and build upon its existing investments in the healthcare sector, said Amit Anand, founding partner of Jungle Ventures.
Jungle Ventures didn’t disclose any financial terms of the transaction.
As part of the transaction, Seemant Jauhari, managing partner at HealthXCapital, will join Jungle Ventures as partner, healthcare.
“By converging outside-in perspectives derived from investing across sectors and HealthXCapital’s understanding of healthcare, we shall be able to bring forth strategic and operational value add to healthcare startups in the region,” said Jauhari.
HealthXCapital invests in healthcare startups targeting the large and underserved Asian markets. It counts Jungle Ventures as a limited partner for its maiden $20 million fund, which was floated in 2018. The firm deployed the entire corpus across 10 startups including Red.Health, Homage, Medfin and THB.
Jungle Ventures was set up by Amit Anand and Anurag Srivastava. The firm secured $10 million for its debut fund in 2012. It raised $100 million for its second fund in 2016 and $240 million for its third vehicle in 2019.
The firm plans to undertake healthcare investments from its fourth fund, which raised $600 million, higher than its initial target corpus of $350 million. It marked the final close of its fourth fund in May last year.
Its India portfolio includes insurtech platform Turtlemint, edtech company Leap, blue-collar workforce management firm BetterPlace, social commerce platform CityMall, and consumer appliances startup Atomberg.
In May, the firm doubled down on its investment in Atomberg, as it participated in its $86 million Series C funding round. Around the same time, it led the $11 million funding round in Pune-based ice cream brand NIC.
