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Bangalore, India (May 31, 2018): Cytecare Hospitals Private Limited (“Cytecare”), a leading provider of cancer care in India, announced the closure of its $31 million Series A round, including participation from Goldman Sachs (NYSE: GS), a leading global investment bank and active investor in India. The investment will be used towards a long-term growth strategy focused on establishing an oncology franchise across four to five cities throughout India.
In November 2016, Cytecare launched its flagship 150-bed hospital in Bangalore to offer clinical excellence and patient-centric cancer care to the highest international standards. Co-founded by Dr. Ferzaan Engineer (Chairman), Suresh Ramu (CEO) and Himanshu Shah (CFO), Cytecare’s mission is to create a comprehensive organ-specific oncology platform that supports prevention, treatment and patient-centric care.
“We welcome Goldman Sachs as a partner in our focus to establish India’s premier network of cancer hospitals. 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,” said Dr. Ferzaan Engineer, Co-founder and Chairman.
Ankur Sahu, co-head of private equity investing in Asia at Goldman Sachs, said, “India, with its large and rapidly growing population, accounts for nearly 20 percent of cancer deaths in the developing world. 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 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.”
“We are currently in the process of identifying new cities to execute our hub-and-spoke growth strategy,” said Suresh Ramu, Co-founder and CEO, adding, “Cytecare is one of India’s few organ-based cancer hospitals and offers patients a personalized experience leveraging modern clinical practices with a more than 15 member cross-functional Tumor Board. Through our partnership with Goldman Sachs and their strong global network and large portfolio in healthcare and insurance companies across the world, we will be able to fully realize our goal of creating a new benchmark for cancer treatment and care in India.”
Goldman Sachs is an active investor in India, deploying more than $3.4 billion in capital since 2006.
Cytecare launched its flagship hospital in Bangalore, India in 2016 with a vision to create a next-generation platform to provide specialized diagnostic and treatment services for cancer. The 150-bed facility in conveniently located near the international airport and offers comprehensive oncology services including chemotherapy, radiology, radiation therapy, specialized organ-based surgeries and palliative care. In its 18 months of operations, the hospital has established itself as a premier oncology institution in India and also serves a growing number of patients from countries in Africa, Eastern Europe, South Asia and the Middle East. Cytecare aims to establish a pan-India franchise offering world-class patient care with a mission to fight cancer “the right way.”
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centres around the world.
Goldman Sachs has been serving Indian clients since the early 1990s and established an onshore presence in December 2006 following a ten-year joint venture. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading and fixed income securities businesses, as well as providing macroeconomic and investment research. Goldman Sachs is also an active investor in India, deploying more than $3.4 billion in the capital since 2006. In addition, the firm's 5,000-person Bangalore office provides critical support and service functions for Goldman Sachs around the world.
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Cytecare Cancer Hospital with the