Cytecare raises $30 mn from Goldman Sachs, others

Cancer care provider Cytecare Hospital has raised USD 31 million in series A funding round led by Wall Street investment bank Goldman Sachs, by selling an undisclosed stake.

Other domestic and international investors also participated in the funding round.

The funds will be used by the hospital, which has a flagship 15-bed facility Bengaluru, to establish an oncology franchise across four to five cities throughout India, an official statement said.

Ankur Sahu, the co-head of private equity investing in Asia for Goldman Sachs, said the country accounts for a fifth of the cancer deaths globally.

"Cytecare, with its experienced leadership and multi-disciplinary team of clinicians, is positioned to build a nation-wide cancer care network," he added.

The high street bank has deployed over USD 3.4 billion in the country since 2006 in private equity investments.

Cytecare co-founder and chairman Ferzaan Engineer said the investment will fuel the next stage of expansion and also benefit through knowhow from Goldman Sachs' other investee companies in the oncology sector globally.

"We are currently in the process of identifying new cities to execute our hub-and-spoke growth strategy," co-founder and chief executive Suresh Ramu said.