# W Health Ventures Fund II: ₹550 crore first close to ₹700 crore

- Link: https://100xfounder.com/w-health-fund-ii-first-close/
- Published: 2026-10-22T14:54:00+05:30
- Author: Ishaan Vardhan

[Funding](https://100xfounder.com/category/funding/)Ishaan VardhanOct 22, 20268 
min read

W Health Ventures, a healthcare investor that builds companies from scratch instead
of waiting for founders to pitch, announced a ₹550 crore first close of its second
fund in February 2026. Seven months later, in September 2026, it closed Fund II 
at ₹700 crore (about $74 million), above its ₹630 crore target. This article covers
how the fund grew, what its “company creation” model means, which companies it has
backed so far, and what it plans to build next.

## Key takeaways

 * W Health Ventures launched Fund II in July 2025 with a target of $70 million (
   ₹609 crore) and a $30 million greenshoe (an option to accept more money if demand
   is strong), according to Inc42.
 * It announced a first close of ₹550 crore on 12 February 2026 and a final close
   of ₹700 crore in September 2026, beating its ₹630 crore target.
 * The fund plans to build 8–10 healthcare companies over four years and put ₹30–
   50 crore into each one.
 * Its first Fund II companies are Everhope Oncology, a cancer care platform built
   with Narayana Health, and Everbright Health, a US mental health services company.
 * Focus areas include oncology, psychiatry, geriatrics, chronic pain, and longevity
   and preventive health.

## From launch to final close

The fund moved through three public milestones:

  |  Date |  Milestone |  Source |  
   |  30 July 2025 |  Fund II launched with a $70 million (₹609 crore) target plus a $30 million greenshoe |  [Inc42](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/) |  
 |  12 February 2026 |  First close at ₹550 crore |  [Entrackr](https://entrackr.com/snippets/w-health-ventures-announces-first-close-of-fund-ii-at-rs-550-cr-11098839), [Inc42](https://inc42.com/buzz/w-health-ventures-marks-first-close-of-fund-ii-at-%E2%82%B9550-cr/) |  
 |  September 2026 |  Final close at ₹700 crore, above the ₹630 crore target |  [W Health Ventures](https://www.whealthventures.com/fund-ii/), [DealStreetAsia](https://www.dealstreetasia.com/stories/w-health-fund-ii-2-494461) |

For readers outside India: one crore is 10 million rupees, so ₹700 crore is ₹7 billion.
[DealStreetAsia](https://www.dealstreetasia.com/stories/w-health-fund-ii-2-494461)
put the final close at about $74 million. The target was described slightly differently
over time: Entrackr and BioSpectrum reported about ₹630 crore at the first close,
Inc42 reported ₹600 crore, and the firm’s own Fund II page says the final close 
beat a ₹630 crore target. We use the firm’s figure.

A “first close” means the fund has enough committed money to start investing while
it keeps raising. A “final close” means it has stopped taking new commitments. Going
from ₹550 crore to ₹700 crore in seven months means the firm raised another ₹150
crore after it had already begun deploying capital.

Inc42 reported that the fund’s limited partners (LPs, the investors in the fund)
include family offices and institutions from India and the US. On its [Fund II page](https://www.whealthventures.com/fund-ii/),
W Health highlights that many of its LPs come from the healthcare industry itself.
It hasn’t named them publicly.

![A blood glucose monitoring kit with a glucometer, test strips, lancets and a lancing
device](https://100xfounder.com/wp-content/uploads/2026/10/a-blood-glucose-monitoring-
kit-with-a-glucometer-test-strips-lancets-a-768x1024.jpg)

Diabetes care, the focus of Fund I portfolio company BeatO, is one of the chronic
conditions W Health has backed. · [Photo: Confidence24 / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Accu-Answer_blood_glucose_meter_with_accessories.jpg)

## What a “company creation” fund does

Most venture funds wait for founders to pitch. W Health works the other way round.
On its [Fund II page](https://www.whealthventures.com/fund-ii/), it calls itself
India’s first healthcare company creation fund. The process it describes:

 1. Its in-house team of physicians, operators and technologists, about 50 people, 
    identifies gaps in how healthcare is delivered.
 2. It spends 12–18 months validating a problem before building anything.
 3. It then recruits a founding team to run a business that has already been designed
    and de-risked.
 4. The fund puts ₹30–50 crore into each company it creates.

Managing partner Dr Pankaj Jethwani called it “a company creation fund” when describing
the first close to [Inc42](https://inc42.com/buzz/w-health-ventures-marks-first-close-of-fund-ii-at-%E2%82%B9550-cr/).
For the final close, he said on the [firm’s page](https://www.whealthventures.com/fund-ii/)
that the team goes where the “structural mismatch is highest” and stays with a problem
for about a year before building.

This is a change from Fund I. When Fund II launched, [Inc42](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/)
reported that the first fund’s average cheque was $1–5 million, while Fund II plans
fewer, larger and more hands-on bets. W Health also runs a venture studio, 2070 
Health, which builds companies from inception. [Inc42](https://inc42.com/buzz/w-health-ventures-narayana-health-launch-cancer-care-platform-with-10-mn-investment/)
reported that 2070 Health secured $30 million from W Health in 2023.

### Who runs it

W Health Ventures was launched in 2019 by Sunil Wadhwani, according to [Inc42](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/)
and [Entrackr](https://entrackr.com/snippets/w-health-ventures-announces-first-close-of-fund-ii-at-rs-550-cr-11098839).
Dr Pankaj Jethwani is managing partner and also CEO of 2070 Health.

## The Fund I track record

W Health hasn’t disclosed the size of its first fund. [BioSpectrum](https://www.biospectrumindia.com/news/86/27326/w-health-ventures-announces-initial-close-of-fund-ii-at-rs-550cr-to-launch-and-scale-healthcare-companies-.html)
listed its Fund I portfolio as:

 * **India:** Nivaan (chronic pain), BeatO (diabetes), ElevateNow (obesity), BabyMD(
   paediatrics) and Mylo (parenting)
 * **Cross-border:** Wysa (AI mental health) and Reveal HealthTech (AI services 
   for healthcare companies)

The firm says every Fund I company has raised outside growth capital, according 
to BioSpectrum and [DealStreetAsia](https://www.dealstreetasia.com/stories/w-health-fund-ii-2-494461).
It also says its portfolio has reached 25 million patients. Both claims come from
the firm itself, and portfolio-level returns haven’t been published.

![The Narayana Institute of Cardiac Sciences hospital building in Bengaluru's Health
City campus](https://100xfounder.com/wp-content/uploads/2026/10/the-narayana-institute-
of-cardiac-sciences-hospital-building-in-bengal-1024x680.jpg)

Narayana Health's flagship hospital in Bengaluru. The chain is W Health's partner
on Everhope Oncology. · [Photo: GeorgeWilliams21 / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Narayana_Institute_of_Cardiac_Sciences,_Bangalore,_Karnataka,_India_(2014)_1.jpg)

## Fund II’s first two companies

### Everhope Oncology

Everhope was launched in March 2025 by W Health Ventures, 2070 Health and Narayana
Health, one of India’s large hospital chains, with $10 million (about ₹86 crore)
in seed funding, according to [Inc42](https://inc42.com/buzz/w-health-ventures-narayana-health-launch-cancer-care-platform-with-10-mn-investment/).
It aims to provide diagnosis, chemotherapy, radiation, surgery and palliative care,
and planned to expand to 10 cities within three years.

In August 2025, it opened its first centre, a 15-bed cancer daycare facility in 
Gurugram for chemotherapy and targeted therapy, [Hospital Management](https://www.hospitalmanagement.net/news/everhope-oncology-cancer-daycare-india/)
reported. Daycare means patients are treated and go home the same day. Its next 
planned sites were South Delhi and Noida, then Mumbai and Bengaluru, and it set 
a target of more than 100,000 treatment sessions over three years.

### Everbright Health

Everbright launched in October 2025 with $7 million in seed funding from W Health
Ventures and Sanos Capital, according to the [company’s announcement](https://everbrighthealth.com/resources/blog/everbright-health-launches).
It doesn’t open its own clinics. Instead, it helps existing US mental health practices
offer advanced treatments for depression that hasn’t responded to standard care,
such as transcranial magnetic stimulation (TMS) and SPRAVATO, a nasal-spray treatment.
It handles the clinical infrastructure, technology and admin work, including insurance
prior authorisations. At launch, it said it had more than 75 provider partners in
seven markets.

In December 2025, [Behavioral Health Business](https://bhbusiness.com/2025/12/31/exclusive-interventional-psychiatry-operator-everbright-health-launches-in-4-new-markets/)
reported that Everbright was expanding into four more markets in early 2026: Southern
California, South Texas, the US Northeast and the US Virgin Islands. Its co-founder
and CEO is Ben Kuhn.

The two companies show the fund’s “US-India corridor” in practice: one is built 
for Indian patients with an Indian hospital partner, and the other serves US mental
health practices.

![A 3D-printed head guide holding a transcranial magnetic stimulation coil](https://
100xfounder.com/wp-content/uploads/2026/10/a-3d-printed-head-guide-holding-a-transcranial-
magnetic-stimulation-co-1024x576.jpg)

Transcranial magnetic stimulation (TMS) equipment. Everbright Health helps US practices
offer TMS for hard-to-treat depression. · [Photo: Uriel83 / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:3d_printed_TMS_guide.jpg)

## What W Health wants to build next

Across its announcements, the firm has named these areas for Fund II:

 * oncology (cancer care)
 * psychiatry and mental health
 * geriatrics, meaning care for people aged 65 and over
 * chronic pain
 * longevity and preventive health

Preventive health is the hardest of these to build a business in. Jethwani told 
[Inc42](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/)
in 2025 that it’s difficult everywhere, and harder in India because insurance usually
doesn’t cover it. That is one reason the fund’s model leans towards care delivery
companies, which earn from treatment, over pure consumer apps.

## Why it matters

Indian healthtech funding has been tight. [Inc42](https://inc42.com/buzz/w-health-ventures-narayana-health-launch-cancer-care-platform-with-10-mn-investment/)
reported that the sector raised $716 million in 2024, down 49% from $1.4 billion
in 2022. A specialist fund closing above target in that market suggests LPs still
back focused healthcare investors who can show portfolio companies raising follow-
on money.

For founders, the model changes the usual pitch process. W Health often decides 
on the problem first and then hires the founding team, so doctors and operators 
who want to start a healthcare company may find a better route in by joining one
of its builds than by cold-pitching. With 8–10 companies planned over four years
and two already funded, expect roughly two new launches a year. You can follow new
healthcare rounds on our [funding tracker](https://100xfounder.com/funding-tracker/)
and in [startup news](https://100xfounder.com/news/).

![An elderly Indian couple standing outside the Indian Museum in Kolkata](https://
100xfounder.com/wp-content/uploads/2026/10/an-elderly-indian-couple-standing-outside-
the-indian-museum-in-kolkata-797x1024.jpg)

Geriatric care for people over 65 is one of the areas W Health says Fund II will
explore. · [Photo: Billjones94 / Wikimedia Commons, CC0](https://commons.wikimedia.org/wiki/File:An_Indian_elderly_couple_in_front_of_the_Indian_Museum_in_Kolkata,_West_Bengal,_India,_photographed_on_October_21,_2023.jpg)

## FAQ

### How big is W Health Ventures Fund II?

₹700 crore (about $74 million) at final close in September 2026, above its ₹630 
crore target. The first close in February 2026 was ₹550 crore.

### How much does W Health invest per company?

It plans to invest ₹30–50 crore in each of 8–10 companies over four years.

### What companies has Fund II backed?

Everhope Oncology, a cancer care platform built with Narayana Health, and Everbright
Health, a US company that helps mental health practices offer TMS and SPRAVATO treatments.

### Who are W Health Ventures’ Fund I companies?

BioSpectrum lists Nivaan, BeatO, ElevateNow, BabyMD, Mylo, Wysa and Reveal HealthTech.

### Can founders pitch W Health Ventures?

Its Fund II model starts from problems its own team identifies, and then it recruits
founders to build them. Check the firm’s website for how it engages with external
founders.

## Sources

 1.  Inc42, “W Health Ventures Launches $70 Mn Fund To Back 8-10 Healthtech Startups”,
     30 July 2025. [Link](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/)
 2.  Entrackr, “W Health Ventures announces first close of Fund II at Rs 550 Cr”, 12
     February 2026. [Link](https://entrackr.com/snippets/w-health-ventures-announces-first-close-of-fund-ii-at-rs-550-cr-11098839)
 3.  Inc42, “W Health Ventures Marks First Close Of Fund II At ₹550 Cr”, 12 February
     2026. [Link](https://inc42.com/buzz/w-health-ventures-marks-first-close-of-fund-ii-at-%E2%82%B9550-cr/)
 4.  BioSpectrum India, “W Health Ventures announces initial close of Fund II at Rs
     550Cr to launch and scale healthcare companies”, 13 February 2026. [Link](https://www.biospectrumindia.com/news/86/27326/w-health-ventures-announces-initial-close-of-fund-ii-at-rs-550cr-to-launch-and-scale-healthcare-companies-.html)
 5.  W Health Ventures, “W Health Ventures Closes Fund II at ₹700 Crore”, September
     2026. [Link](https://www.whealthventures.com/fund-ii/)
 6.  DealStreetAsia, “India: W Health Ventures raises $74m in final close of Fund II,
     exceeds target”, 9 September 2026. [Link](https://www.dealstreetasia.com/stories/w-health-fund-ii-2-494461)
 7.  Inc42, “W Health Ventures Marks Close Of Fund II At ₹700 Cr”, 8 September 2026.
     [Link](https://inc42.com/buzz/w-health-ventures-marks-close-of-fund-ii-at-%E2%82%B9700-cr/)
 8.  Inc42, “W Health Ventures, Narayana Health Launch Everhope Oncology”, 20 March
     2025. [Link](https://inc42.com/buzz/w-health-ventures-narayana-health-launch-cancer-care-platform-with-10-mn-investment/)
 9.  Hospital Management, “Everhope Oncology opens cancer daycare centre in India”,
     7 August 2025. [Link](https://www.hospitalmanagement.net/news/everhope-oncology-cancer-daycare-india/)
 10. Everbright Health, “Everbright Health launches to expand access to advanced mental
     health care”, 14 October 2025. [Link](https://everbrighthealth.com/resources/blog/everbright-health-launches)
 11. Behavioral Health Business, “Exclusive: Interventional Psychiatry Operator Everbright
     Health Launches in 4 New Markets”, 31 December 2025. [Link](https://bhbusiness.com/2025/12/31/exclusive-interventional-psychiatry-operator-everbright-health-launches-in-4-new-markets/)

Featured image: Narayana Health City in Bengaluru. Narayana Health co-founded Everhope
Oncology, Fund II's first company, with W Health. · [Photo: Paliwiki / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Mazumdar_Shaw_Medical_Center,_Narayana_Health_City,_Bangalore.jpg)

_How this article was made: researched and drafted with AI assistance by the 100xFounder
editorial desk, using only the sources listed in it; every figure links to its source.
Read our [editorial policy](https://100xfounder.com/editorial-policy/), or report
an error through our [corrections policy](https://100xfounder.com/corrections-policy/)._

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Sources (11)

 1.  [Inc42](https://inc42.com/buzz/w-health-ventures-launches-70-mn-fund-to-back-8-10-healthtech-startups/)
     30 Jul 2025Fund II launch, $70M (₹609 crore) target, $30M greenshoe, Fund I ticket
     $1-5M, focus areas, founded 2019 by Sunil Wadhwani, preventive health quote
 2.  [Entrackr](https://entrackr.com/snippets/w-health-ventures-announces-first-close-of-fund-ii-at-rs-550-cr-11098839)
     12 Feb 2026First close ₹550 crore, ~₹630 crore target, 8-10 startups, ₹30-50 crore
     cheques, founded 2019
 3.  [Inc42](https://inc42.com/buzz/w-health-ventures-marks-first-close-of-fund-ii-at-%E2%82%B9550-cr/)
     12 Feb 2026First close, ₹600 crore target as reported, 'company creation fund'
     quote, focus areas
 4.  [BioSpectrum India](https://www.biospectrumindia.com/news/86/27326/w-health-ventures-announces-initial-close-of-fund-ii-at-rs-550cr-to-launch-and-scale-healthcare-companies-.html)
     13 Feb 2026Fund I portfolio list, all Fund I companies raised external capital,
     ₹630 crore target
 5.  [W Health Ventures](https://www.whealthventures.com/fund-ii/) 8 Sep 2026₹700 crore
     final close above ₹630 crore target, company creation model, 50-person team, 12-
     18 months validation, healthcare LPs, 25 million patients, Jethwani quote
 6.  [DealStreetAsia](https://www.dealstreetasia.com/stories/w-health-fund-ii-2-494461)
     9 Sep 2026$74M final close, exceeds target
 7.  [Inc42](https://inc42.com/buzz/w-health-ventures-marks-close-of-fund-ii-at-%E2%82%B9700-cr/)
     8 Sep 2026Final close, LPs are family offices and institutions from India and 
     US
 8.  [Inc42](https://inc42.com/buzz/w-health-ventures-narayana-health-launch-cancer-care-platform-with-10-mn-investment/)
     20 Mar 2025Everhope Oncology launch, $10M seed, 10 cities, 2070 Health $30M, healthtech
     funding $716M in 2024
 9.  [Hospital Management](https://www.hospitalmanagement.net/news/everhope-oncology-cancer-daycare-india/)
     7 Aug 2025First 15-bed Gurugram daycare centre, expansion plans, 100,000 sessions
     target
 10. [Everbright Health](https://everbrighthealth.com/resources/blog/everbright-health-launches)
     14 Oct 2025$7M seed from W Health and Sanos Capital, TMS and SPRAVATO, 75+ providers,
     seven markets
 11. [Behavioral Health Business](https://bhbusiness.com/2025/12/31/exclusive-interventional-psychiatry-operator-everbright-health-launches-in-4-new-markets/)
     31 Dec 2025Four new markets in 2026, CEO Ben Kuhn