MOC Cancer Care & Research Centre, a network of healthcare centres providing services in oncology and haematology, has secured $18 million (Rs 157 crore) in a Series B round of funding led by venture capital firm Elevation Capital.
The round comes roughly two years after the Mumbai-based cancer care chain bagged $10 million in Series A funding from private equity firm Tata Capital Healthcare Fund.
“This capital boost will not only enhance our infrastructure and expand the network of taking cancer care closer to the patient but also enable us to conduct large-scale clinical trials, explore new therapies, and maximize the potential of existing ones,” said Manish Jobanputra, chief operating officer at MOC.
This comes on the back of rising demand for cancer care and treatment, with millions of cases each year and spending on treatment expected to rise in the country.
Cellcure Cancer Centre Pvt Ltd, which operates MOC, was founded in 2018 by oncologists Ashish Joshi, Kshitij Joshi, Pritam Kalaskar and Vashishth Maniar. The company claims to provide an alternative cancer care delivery model which solves issues like proximity and affordability to cancer patients in India.
It claims to have treated over 4.5 lakh cancer patients and has a team of 47 oncologists and hematologists. MOC has scaled operations to 24 centres in Ahmedabad, Indore, Chhattisgarh, Mumbai, Pune, and the rest of Maharashtra.
Last year, the company merged with Ahmedabad-based cancer care chain Hemato Oncology Clinic (HOC), helping it expand its operations in Gujarat and providing treatment to thousands of cancer patients each year through its network of centres in Gujarat, Madhya Pradesh and Maharashtra.
MOC said the merger will help it expand its operations in Delhi-NCR and other parts of India, develop a molecular oncology lab and expand its preventive oncology services.
