Tata Capital Healthcare Fund, the healthcare-focused arm of private equity firm Tata Capital Ltd, has invested $10 million (around Rs 82 crore) in a Series A funding round in Mumbai Oncocare Centre, a chain of Cancer Daycare Centres.
However, both the companies did not disclose the details of the acquired equity stake as a part of the transaction.
Mumbai Oncocare Centre, a unit of Cellcure Cancer Centre Pvt Ltd., was founded by Ashish Joshi, Vashishth Maniar, Pritam Kalaskar and Kshitij Joshi in 2018. It operates cancer daycares at 16 locations across 10 cities of Maharashtra and Madhya Pradesh.
“It is our privilege to join hands with Tata Capital, which is part of the Tata group that has earned and retained a reputation of being the most ethical industrial and business enterprise in India and globally,” said Manish Jobanputra, chief operating officer, Mumbai Oncocare Centre.
Mumbai Oncocare Centre offers personalised and quality care to lakhs of people who are diagnosed with cancer every year. It relies on clinical research, technology, and tumor boards to ensure that the care given is always evidence based, the company said in a statement.
“The philosophy and mission of Mumbai Oncocare Centre to provide high quality care at affordable price points aligned with our objective of financing such scalable and profitable business models,” said Vamesh Chovatia, Partner at Tata Capital Healthcare Fund.
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.
A growth oriented private equity fund, it focuses on India’s healthcare and life sciences sector. So far, it has raised $200 million across its two funds in 2012 and 2022 and has invested in 12 companies. Of these, it has made five exits. These include companies across the healthcare supply-chain such as Amanta Healthcare, Sparsh Nephrocare, Shriji Polymers, Sai Life Sciences.