INDIA – Mumbai Oncocare Centre (MOC), a one-stop for flexible cancer care solutions, has secured US$ 10 million in a Series A funding round from Tata Capital Healthcare Fund (TCHF) that will be used to finance the company’s activities as it expands its services across India.
In an official statement, MOC announced that it is planning to utilise the newly-infused capital from TCHF to expand access to oncology & hematology healthcare services to patients suffering with these critical ailments across India in the next 18 months.
“It is our privilege to join hands with Tata Capital, which is part of the Tata Group, which has earned and retained a reputation of being the most ethical industrial and business enterprise in India and globally,” stated Manish Jobanputra, Chief Operating Officer (COO) of MOC.
Mumbai Oncocare Centre was founded in 2018 by four medical oncologists namely Dr. Ashish Joshi, Dr. Vashishth Maniar, Dr. Pritam Kalaskar and Dr. Kshitij Joshi to provide high quality care at affordable prices.
MOC, a unit of Cellcure Cancer Center Pvt Ltd, operates 16 state-of-the-art cancer treatment facilities in 10 cities of Maharashtra and Madhya Pradesh under the leadership of 19 medical oncologists.
“The very genesis of MOC is based on offering best in the class and most updated medical interventions, highly qualified doctors in cancer treatment and related services using a state-of-the-art facility coupled with seamless healthcare services for patients,” the company says on its site.
The chain of chemotherapy daycare centers in Mumbai offers personalised and quality care to hundred thousand of people who are diagnosed with the malignancy every year.
MOC pointed out that it relies on clinical research, technology, and tumor boards to ensure that the care given is always evidence based.
MOC disclosed that with the latest funding round, it has sold an undisclosed stake in its daycare centers chain to TCHF, the healthcare-focused arm of private equity firm Tata Capital Limited.
Tata Capital Healthcare Fund is sponsored by Tata Capital Ltd., the flagship financial services company of the Tata Group and a subsidiary of Tata Sons Private Limited.
The growth-oriented private equity fund focuses on the healthcare and life sciences sector in India. TCHF has raised US$$200 million across its two funds in 2012 and 2022.
Across its funds, TCHF has invested in 12 companies, and has successfully exited 5 companies across the healthcare supply-chain such as Amanta Healthcare, Sparsh Nephrocare, Shriji Polymers, Sai Life Sciences.
Its portfolio includes companies such as domestic formulations company Linux Laboratories, and diagnostic company Atulaya Healthcare.
Mr. Vamesh Chovatia, Partner at Tata Capital Healthcare Fund, welcomed the investment deal with Mumbai Oncocare Centre, commenting: “MOC is an exciting addition in our healthcare and life science portfolio.”
He underscored that the philosophy and mission of Mumbai Oncocare Centre, to provide high quality care at affordable price points, is in line with TCHF’s objective of financing similar scalable and profitable business models.
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