Mumbai Oncocare Centre (MOC), a chain of cancer daycare centres said it has raised up to $10 million from Tata Capital Healthcare Fund for an undisclosed equity stake. MOC plans to utilize the newly infused capital to expand across India in the next 18 months.
At present, Mumbai Oncocare Centre 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 has said “Mumbai Oncocare Centre 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.
Manish Jobanputra, COO of MOC said, “It is our privilege to join hands with Tata Capital that has earned and retained a reputation of being the most ethical industrial and business enterprise in India and globally”.
Tata Capital Healthcare Fund is sponsored by Tata Capital Ltd., a unit of Tata Sons. Its portfolio includes companies such as domestic formulations company Linux Laboratories, diagnostic company Atulaya Healthcare among others.
It is a growth-oriented private equity fund focused on the healthcare and life sciences 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 their unique community daycare centers, which are fully compliant hospitals, where these patients can get personalized, and high-quality care.