Tata Capital Healthcare Fund (TCHF) has infused $10 million into Mumbai Oncocare Centre (MOC), a chain of Cancer Daycare Centers.
MOC, a unit of Cellcure Cancer Center Pvt Ltd, is planning to utilise the newly-infused capital to expand across India in next 18 months, the company said in a statement.
It, however, did not disclose how much stake the private equity fund sponsored by Tata Capital Ltd will invest in the cancer care chain.
At present, MOC operates 16 state-of-the-art cancer treatment facilities in 10 cities of Maharashtra and Madhya Pradesh under the leadership of 19 medical oncologists. It was founded in 2018 by four Medical Oncologists - Dr Ashish Joshi, Dr Vashishth Maniar, Dr Pritam Kalaskar and Dr Kshitij Joshi.
Partner at Tata Capital Healthcare Fund, Mr Vamesh Chovatia, Partner at Tata Capital Healthcare Fund said “MOC is an exciting addition in our healthcare and life science portfolio. The philosophy and mission of MOC, to provide high quality care at affordable price points aligned with our objective of financing such scalable and profitable business models.
TCHF is a growth-oriented private equity fund focused on the healthcare and lifesciences sector in India. TCHF has raised nearly $200 million across two funds -- TCHF I (2012) and TCHF II (2022). Across both the funds, TCHF has invested in 12 companies, and has successfully exited 5 companies thus far.
Every year approximately 1.5 million people get diagnosed with cancer in India and at any given time there are additional 2.5-3 million cancer patients who are undergoing treatment. Large number of these patients need chemotherapy, immunotherapy, and the majority need to consult a medical oncologist during their treatment journey. MOC addresses this unmet need with community daycare centers.
*This press release is published by VOH team.*
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