Rajasthan Venture Capital Fund (RVCF) has invested Rs 20 crore ($3.7 million) in Delhi-based International Oncology Services Pvt Ltd (IOSPL), a super specialty cancer care and research company. RVCF invested in the company through its Rs 200 crore SME Tech Fund. As part of the deal, RVCF CEO Girish Gupta will join the board of the company.
“After setting up comprehensive cancer centres in NCR and Mumbai, we are in the process of taking world class cancer care to several other states of India and Rajasthan is a special focus area for us. This investment by RVCF will help IOSPL carry out its immediate expansion plans,” said Pradeep K Jaisingh, CEO and MD of International Oncology.
The company has already set up its flagship centres in Noida and Mumbai and is in the process of launching comprehensive cancer care centres in other states like Rajasthan, Punjab and Maharashtra. It has also joined hands with various hospitals in Aligarh, Moradabad, Srinagar, Gwalior, Panipat and Imphal for this purpose.
International Oncology has entered into strategic collaborations with Fortis Hospital (Noida) and L H Hiranandani Hospital (Mumbai) to establish more oncology centres.
RVCF SME Tech Fund is a venture capital fund managed by Rajasthan Asset Management Co. Pvt Ltd, with focus on IT, education, retail, healthcare, agro products, auto components and other growth sectors.
Two months ago, RVCF acquired 11 per cent stake in Chennai-based Frontier Lifeline Pvt Ltd for an undisclosed amount through its SME Tech Fund. Earlier, it had acquired 17.84 per cent stake for $3.32 million in logistics solutions provider Leeway Logistics Ltd and 32 per cent stake in IT firm NexTenders India Pvt Ltd.
(Edited by Sanghamitra Mandal)