HCG chairman launches Inviga Healthcare Fund, invests $2 million in biotech startup Mynvax

BS Ajaikumar, founder and executive chairman of HealthCare Global Enterprises Ltd (HCG), has launched Inviga Healthcare Fund (IHF), a thematic healthcare-focused private equity fund headquartered in Bengaluru. IHF is co-founded by Ajay Garg, founder and managing director of Equirus Capital.

"Having secured an initial close of US$20 million, the fund is poised to empower entrepreneurs and drive meaningful change across the entire Indian healthcare value chain," the company said in a statement.

Through the new Fund IHF, it has made its maiden investment of $2 million in Mynvax, a biotech start-up focused on developing novel recombinant vaccines for human respiratory viral diseases, including seasonal influenza and COVID-19. 

"I have witnessed first-hand both the strengths and weaknesses of our healthcare system. Inviga Health Fund is my response which embodies my desire to provide high-quality egalitarian healthcare to all sections of the society while supporting and positioning doctor/healthcare entrepreneurs as primary drivers in the business. Through our investments, we will support the blossoming Indian healthcare entrepreneur ecosystem, foster clinical excellence, focus tenaciously on quality of outcomes, drive deep social impact, and help build businesses on sustainable vectors," said Ajaikumar.

IHF will help healthcare, pharmaceutical, and life science companies across the whole value chain, using its broad industry knowledge, worldwide contacts, and unique combination of entrepreneurial, clinical, investment, banking, and senior management capabilities.