Alkemi Growth Capital backs healthcare and wellness businesses with initial cheques of ₹15-30 crore. The firm plans to launch its third fund in 2027. Founding partner Alka Goel said, "In healthcare delivery, scalability without compromising care quality is critical." The investor currently supports many companies across various specialized medical segments.
Alkemi Growth Capital backs healthcare and wellness businesses with potential to grow without compromising care
In healthcare, a startup's ability to scale up is only part of the investment case. For Alkemi Growth Capital, the bigger test is whether the venture can grow without compromising care, sustain customer demand, and justify its valuation.
The investor, which backs healthcare and wellness businesses with initial cheques of ₹15-30 crore, is looking beyond conventional care delivery. As Alkemi deploys its second fund and prepares for a third in 2027, its founding partner Alka Goel explains how the firm picks founders, prices risk and identifies opportunities.
Edited excerpts:
How has Alkemi's investment thesis evolved?
What has evolved is the range of opportunities, from specialised care and novel diagnostics to healthcare technology and indigenous manufacturing.
What do you look for in a startup?
We start with the founder's understanding of healthcare and ability to navigate setbacks. We then assess customer retention, unit economics, growth prospects and the strength of the value proposition. In healthcare delivery, scalability without compromising care quality is critical.
What is your cheque size and portfolio target?
Our initial cheques range from ₹15 crore to ₹30 crore. We plan to back 16-18 companies from our current fund, while reserving capital for follow-on investments.
Do you lead investments and take board seats?
We prefer to lead or co-lead and typically take a board seat. Beyond governance, we support founders with hiring, customer introductions and subsequent fundraising.
Which healthcare opportunities remain underfunded?
Tier-II and tier-III markets need affordable, accessible care. Specialised segments such as childcare, senior care, oncology and cardiovascular care also offer opportunities. We see potential in AI applications too.
Are you planning a new fund? How do you view the biotech sector?
We plan to launch Fund III in 2027. Contract development and manufacturing organisations (CDMOs) remain an opportunity, while funding for novel drug development is still some distance away.
How are you approaching fund deployment and exits?
We are deploying Fund II and typically make four to five investments annually. We support portfolio companies over five to six years, including by helping them raise subsequent rounds. Our companies have raised more than $350 million since our investments. Pee Safe was a recent exit, and we are working on further exits from Fund I.