MOC Cancer Care & Research Centre, a chain of community cancer centres, has raised $18 million in funding led by Elevation Capital.
The company had raised $10 million from Tata Capital Healthcare Fund in 2023 to expand their operations and technological capabilities.
Founded in 2018 by Dr Ashish Joshi, Dr Kshitij Joshi, Dr Pritam Kalaskar and Dr Vashishth Maniar, the company has 47 oncologists and 24 centres in Mumbai, Pune, the rest of Maharashtra, Ahmedabad, Indore and Chhattisgarh.
In May 2024, the company expanded its services by joining hands with Hemato Oncology Clinic (HOC), which was the second largest independent chain of community cancer care centres in India. This merger allowed the company to expand its operations in Gujarat.
MOC will soon expand their operations in Delhi NCR and other parts of India and develop a molecular oncology lab and preventive oncology services to expand their scope of services, the company said in a statement.
Manish Jobanputra, Chief Operating Officer, MOC Cancer Care & Research Centre said, “Making advanced, effective cancer care accessible to everyone is our top priority. The first investment by Tata Capital Healthcare Fund in 2023 and the current investment by Elevation Capital propels us forward on this journey. This capital boost will not only enhance our infrastructure and expand the network of taking cancer care closer to the patient, but also enable us to conduct large-scale clinical trials, explore new therapies, and maximise the potential of existing ones.”
Cancer care infrastructure inadequate
India faces a growing burden of cancer with 1.5 million new cases annually. The country’s cancer care infrastructure remains inadequate, with challenges such as limited hospital bed availability, long travel distances for patients, concerns over hygiene and quality of care, and a lack of personalised treatment.
MOC addresses these challenges by setting up high quality, safety-equipped community cancer centres, that deliver 20-30 per centsavings to patients. Their comprehensive care model offers services like nutrition guidance, physiotherapy, and genetic counselling that are essential for improving quality of life for cancer patients.
‘Excited to partner’
Talking about the investment, Mayank Khanduja, Partner, Elevation Capital, said, “We are excited to partner with MOC as they lead the way in advancing cancer care across India. Their patient centricity really stood out to us at every single centre of the company. That combined with their unmatched clinical acumen is helping them deliver truly remarkable care to their patients. We are confident in the team’s ability to scale their services to more patients across India, while continuing to be the gold standard of cancer care in the country.”