Bengaluru Cytecare Hospitals has received a Series-A round infusion to the tune of $31 million from Goldman Sachs. The investment will be used towards a long term growth strategy focused on establishing an oncology franchisee across 4 to 5 cities across India. These will be centre of excellence providing the best of care which will pursue research on the disease.
“The oncology major is in the process of identifying its foray to the metro cities. We are looking at options of Greenfield or Brownfield and even an acquisition”, stated Dr. Ferzaan Engineer chairman and Suresh Ramu CEO, Cytecare Hospitals.
The 18-month old facility in Bengaluru has seen 5,000 patients and is keen to replicate its comprehensive organ specific oncology platform that supports prevention, treatment and patient-centric care. The partnership and investment of Goldman Sachs bring in the strategic expertise input and a financial model that will strengthen to fuel our nationwide expansion, stated Dr. Engineer at a press conclave adding that Lavanya Ashok of Goldman Sachs has now jointed the Cytecare board.
Sharing the challenges of cancer care in the country, the Cytecare CEO said that there was paucity of infrastructure, lack of awareness, low insurance penetration and paucity of data collection. This is where see the need to create scale to ensure positive patient outcomes. “ Through our Goldman Sachs partnership we will be able to create a new benchmark for cancer treatment and care in the country.
Incidentally Goldman Sachs already has an oncology chain in Brazil and facility in Australia and China. This according to Dr. Ferzaan would also enable us to expand, maximise on a global IT platform of the investor.
“India with its large and rapidly growing population accounts for nearly 20 per cent of cancer fatalities in the developing world. Cytecare is positioned to build a network in India in the way we have done in Australia, Brazil and China,” stated Ankur Shah, co-head, private equity investing in Asia and Goldman Sachs.