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Home Business Toro Finserve launches $1 bn healthcare fund
Toro Finserve launches $1 bn healthcare fund
PTI IUpdated: Friday, February 18, 2022, 07:02 PM IST D O D D
The fund will provide non-equity, long-term growth funding up to nine years to those in the healthcare
industry who have been stalled or declared NPAs by their lenders. / Representative image I
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Healthcare industry veteran Kapil Khandelwal's Toro Finserve has announced
the launch of its maiden healthcare fund with a $1 billion (about Rs 7,450 crore)
commitment from investors, primarily hedge funds and healthcare industry
players.
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Khandelwal, who launched the country's first quant (alga-based) hedge fund -
- EquNev-Klt Capital -- which he later sold to the England-based Coleman
Group in 2018, said the digital healthcare impact fund will make most of its
investments to accelerate adoption of digital healthcare.
Most of the funding commitments are from global hedge funds and from a few
domestic healthcare industry players, Khandelwal told PT! on Friday, but
refused to name them citing confidentiality.
The first investment should be done over the next three-four months, he added.
Khandelwal, who has over 30 years of experience in the healthcare industry,
launched Toro Finserve in 2020.
He was previously associated with KPMG in Bahrain as a partner, headed the
global healthcare division at Wipro, and was the managing director of Cisco's
healthcare business in the APAC and emerging markets.
As an entrepreneur, Khandelwal developed the country's first asset-light day-
care surgery chain, Nova Daycare Surgery Center; and as an angel investor
funded several healthcare startups. He and was also instrumental in drafting
the Rs 500 crore Biotech Ignition Grant policy with the Department of
Biotechnology, under the Union Ministry of Science and Technology.
Khandelwal said even today most investments flowing into healthcare sector
are concentrated in the top 20 cities, despite the pandemic forcing millions of
employees and their families to move out from larger cities. This shows the
urgent need to expand investment to a much broader healthcare landscape in
small towns.
The fund will provide non-equity, long-term growth funding up to nine years to
those in the healthcare industry which have been stalled or declared NPAs by
their lenders.
Even today there is liquidity crunch in the industry, Khandelwal said, adding the
country needs around $360 billion to build a robust healthcare delivery system
for all.
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