Cytecare Hospitals on Thursday said it will invest Rs 700 crore in the oncology platform over the next four to five years, and that it targets revenues of Rs 1,000 crore in seven to eight years.
Announcing the closure of $31 million (about Rs 210 crore) Series A round, the cancer hospital said that it has secured funding from Goldman Sachs and the investment will be used towards a long-term growth strategy focused on establishing an oncology franchise.
Ferzaan Engineer, co-founder and chairman of Cytecare Hospitals, said that they are looking to expand to four to five cities.
Cytecare launched its 150-bed hospital in Bengaluru in November 2016. "We have not identified any cities so far. But we are in the process of identifying new cities to execute our hub-and-spoke growth strategy," he said, adding that every hub will be a centre of excellence.
With investments from Goldman Sachs, Cytecare will get financial power to scale its model nationwide.
Goldman Sachs is the leading global investment banking, securities and investment management firm. It established an onshore presence in India in December 2006 and it is also an active investor in India, deploying more than $3.4 billion in capital since 2006.
Ankur Sahu, co-head of private equity investing in Asia at Goldman Sachs said, "Cytecare is positioned to build a nation-wide cancer care network throughout India and address that need in the way we have already done so in Australia, Brazil and China. 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."