Cytecare Hospitals to raise Rs 700 cr
March 22, 2018
Cytecare Hospitals, a cancer care hospital chain which raised Rs 165 crore to open its first hospital in Bengaluru, will raise an additional Rs 700 crore after one-and-a- half years to further expand its presence.
“We have raised Rs 165 crore from high net-worth individuals (HNIs) to open our super speciality cancer care hospital Cytecare in Bengaluru. Our hospital chain will have a hub-and-spoke model. The Bengaluru hub will have three to five spokes,” Cytecare Co-founder and Chairman Ferzaan Engineer told DH.
He said that the Bengaluru hub will be a 150-bed facility with a built-up area of around 16,000 sq feet, and will begin operations in October. “The hospital will have sub-centres in North Karnataka and overseas. We are exploring the possibility of starting sub-centres in other cities. We do hope to break-even in three years,” he said.
Engineer said that his vision is to have at least three to five hubs in India, as part of a seven-year plan, which might require funds of around Rs 700 crore.
“We are planning to approach institutional investors for this, and some companies have already evinced interest. We want Cytecare to be a premium facility for cancer that offers comprehensive and high-quality care for patients. We will also focus on expanding our presence in the MEA (the Middle East and Africa) countries,” he said.
Cytecare Hospital took 18-22 months to develop the project in Bengaluru. “We have an asset-light model, and leased our land. Our sub-centres will have Rs 1 crore investment. We will have the latest state-of-the-art facilities at the hospital with heavy investment in technology. Even though positioned in line with the market, we expect technology and early detection will reduce overall cost and help us make treatment affordable,” he said.
Engineer said that cancer has reached an epidemic proportion in India and needs immediate attention.
“There is an opportunity and challenge to address this problem, and this is an important reason as to why we need high-level specialised cancer hospitals, as general hospitals can’t deal with it,” he said.
Interacting with DH, Cytecare Co-founder and CEO Suresh Ramu said that the hospital chain will provide facilities like diagnosis, personalised treatment, chemotherapy, radiology, counselling, pain management, and palliative care. “We are approaching cancer care in a holistic way, and have partnered with an able team of eminent specialist oncologists, onco-nurses and professional counsellors to achieve this,” said Ramu. Several key doctors are even financially invested in Cytecare.
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