<article>Bangalore-based <a href="https://www.dealstreetasia.com/?s=Cytecare Hospitals Pvt Ltd" target="_blank" rel="noopener">Cytecare Hospitals Pvt Ltd</a>, a cancer care provider, on Thursday announced the close of its $31 million Series A round, which saw participation from global investment bank <a href="https://www.dealstreetasia.com/?s=Goldman Sachs" target="_blank" rel="noopener">Goldman Sachs</a>.</article>

Bangalore-based <a href="https://www.dealstreetasia.com/?s=Cytecare Hospitals Pvt Ltd" target="_blank" rel="noopener">Cytecare Hospitals Pvt Ltd</a>, a cancer care provider, on Thursday announced the close of its $31 million Series A round, which saw participation from global investment bank <a href="https://www.dealstreetasia.com/?s=Goldman Sachs" target="_blank" rel="noopener">Goldman Sachs</a>.
The proceeds will be used toward establishing an oncology franchise across four to five cities throughout India, the company said in a statement.
In November 2016, Cytecare launched its flagship 150-bed hospital in Bangalore. Co-founded by Dr. Ferzaan Engineer (Chairman), Suresh Ramu (CEO) and Himanshu Shah (CFO), Cytecare aims to create a comprehensive organ-specific oncology platform that supports prevention, treatment and patient-centric care, it said.
&#8220;Cytecare will benefit from the global network of class-leading oncology companies that Goldman Sachs is helping build worldwide through the creation of significant opportunities for research, cross-training and sharing of best practices. This partnership and investment adds strategic expertise and financial strength to fuel the next stage of Cytecare’s expansion,&#8221; said Engineer.
“We are currently in the process of identifying new cities to execute our hub-and-spoke growth strategy,” added Ramu.
Cytecare offers comprehensive oncology services including chemotherapy, radiology, radiation therapy, specialized organ-based surgeries and palliative care. It also claims to serve a number of patients from countries in Africa, Eastern Europe, South Asia and the Middle East.
Ankur Sahu, co-head of private equity investing in Asia at Goldman Sachs, said, &#8220;India, with its large and rapidly growing population, accounts for nearly 20 percent of cancer deaths in the developing world. This investment is also consistent with our strategy to invest in critical sectors and infrastructure that assist in the continued growth and development of India.&#8221;
Goldman Sachs is an active investor in India, deploying more than $3.4 billion in capital since 2006.
Per a March 2017 PricewaterhouseCoopers report, venture capital and private equity investment in the country&#8217;s healthcare space increased to $1,275 million in 2016 from $94 million in 2011, recording a jump of over 13.5 times.
In February, Blue Sapphire Healthcare Pvt. Ltd, which operates super-specialty hospital Asian Institute of Medical Sciences in Faridabad, reportedly raised $21 million from UK’s development finance institution CDC Group Plc in a fresh round of funding. In July last year, Paras Healthcare raised $42 million from private equity fund Creador to finance expansion. In March last year, True North said it will invest $200 million in Kerala Institute of Medical Sciences (KIMS).
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The proceeds will be used for establishing an oncology franchise across four to five cities throughout India, Cytecare said.

Goldman Sachs backs $31m Series A round in India's Cytecare Hospitals

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Goldman Sachs backs $31m Series A round in India's Cytecare Hospitals

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