Goldman leads $31m round for India hospital

Additional participants in the funding round have not been identified. The company will use the new capital to support its long-term growth strategy of opening oncology centers in at least four cities across India, following a hub-and-spoke model with several facilities supporting a central hospital.

Cytecare was founded by a team of doctors including Ferzaan Engineer, co-founder of home healthcare service provider Medwell Ventures. It opened its first facility, a 150-bed hospital in Bangalore, in 2016. Cytecare plans to open its second hospital within the next six months.

Goldman’s interest in Cytecare follows oncology-themed deals in Brazil, where the firm led an investment earlier this year in cancer treatment chain Oncoclinicas, and Australia, where it acquired Icon Cancer Care for A$1 billion ($746 million) last year alongside QIC and Pagoda. Both deals were aimed at helping the target expand both domestically and abroad.

“India, with its large and rapidly growing population, accounts for nearly 20% of cancer deaths in the developing world,” said Ankur Sahu, co-head of Asia private equity at Goldman, in a statement. “Cytecare, with its experienced leadership and multi-disciplinary team of clinicians, is positioned to build a nation-wide cancer care network throughout India and address that need.”

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• Topics
• South Asia
• Healthcare
• Expansion
• India
• Goldman Sachs
• Growth capital