Doubling down on its commitment to reshaping healthcare infrastructure in India and globally, W Health Ventures has launched its second fund with a $70 million corpus, focused exclusively on building healthcare companies from the ground up.
The new fund – Fund II – will support 8 to 10 startups over the next four years through W Health’s distinctive “company creation” model. This approach involves internally conceiving and validating ideas before bringing in external founders to lead and scale the businesses.
“Fund II really doubles down on our company creation model,” said Dr. Pankaj Jethwani, Managing Partner at W Health Ventures. “It’s something we’ve built through years of trial and error.”
In contrast to traditional venture capital strategies that back a large number of early-stage startups, W Health will make concentrated investments, typically starting with $3–5 million per company, with an equal amount reserved for follow-on rounds. The fund may grow to $100 million by the time of final close.
W Health’s first fund, launched in 2020, backed 12 companies, including BeatO (diabetes management), Mylo (parenting), BabyMD (pediatrics), and Wysa (AI-driven mental health). Several of these were incubated in partnership with 2070 Health, the firm’s venture studio.
W Health’s process begins with deep research, including interviews with clinicians and patients, followed by robust validation. According to the firm, 93% of ideas are dropped during the evaluation phase. The few that make it through are backed with high conviction and significant support.
The first investment from Fund II is EverHope Oncology, a joint venture with Narayana Health aimed at reinventing cancer care in India. The company will focus on modern diagnostics, standardized clinical protocols, and patient-friendly treatment centers.
“Even for well-resourced patients, the journey through cancer care in India can be challenging. For others, it can be overwhelming. It doesn't have to be this way,” said Jethwani.
AI will be leveraged to help oncologists stay current with rapidly evolving treatment guidelines and research – a task too vast for human clinicians to manage alone.
The fund’s second company, still in stealth, is building a managed services platform for psychiatry clinics in the US, beginning with treatment-resistant depression. Designed as an asset-light model, it integrates automation, AI, and offshore clinical support to streamline operations.
W Health Ventures is focused on two major themes:
Single-specialty healthcare delivery models tailored to India
AI-powered B2B healthcare services targeting global markets
“India is the world’s pharmacy. We believe that AI-enabled healthcare services could be the country’s next major global contribution,” said Jethwani.
The fund’s launch aligns with a broader resurgence in venture capital activity in 2025. Several India-focused and global VC firms have announced new funds, reflecting renewed investor confidence and a shift toward focused, thesis-driven investing.