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National, 26th February, 2025: M|O|C Cancer Care & Research Centre, India’s largest network of community cancer centres, has raised $18 million in funding led by Elevation Capital.
Founded in 2018 by 4 like-minded oncologists; Dr Ashish Joshi, Dr Kshitij Joshi, Dr Pritam Kalaskar and Dr. Vashishth Maniar with a mission of creating an alternate cancer care delivery model that addresses pressing need gaps like proximity and affordability in the journey of cancer patients in India. Over the past 7 years M|O|C has successfully treated over 4.5 lakh cancer patients with a highly qualified team of 47 oncologists while scaling operations to 24 centres in Mumbai, Pune, Rest of Maharashtra, Ahmedabad, Indore and Chhattisgarh. Previously, M|O|C had raised $10 million from Tata Capital Healthcare Fund in 2023 to expand their operations and technological capabilities.
India faces a growing cancer burden with 1.5 million new cases annually. However, the cancer care delivery for most patients is woefully inadequate. Current healthcare infrastructure has several limitations in terms of availability of bed-per-patient, distance that patients travel to the hospitals, hygiene and quality of care and lack of personalized care. Additionally, accessing higher-quality care often comes at a premium, especially in private facilities. Most of those are tertiary care centres and by virtue of their capital-intense operations, creating a distributed network of facilities dedicated to cancer remains a challenge. Cost of cancer care is classified over 4 important components i.e. cost of diagnostics, surgical interventions, radiotherapy and medical management. While surgery and radiotherapy are local treatments that are primarily effective in the early stages of cancer, medical management is an inescapable necessity irrespective of stage of the disease. It is recurring in nature and causes the cost burden- including cost of medicines- to be catastrophic.
M|O|C addresses these challenges by setting up high quality, safety-equipped community cancer centres, that deliver 20-30% savings to patients, while helping them save a great deal of time. Their comprehensive care model offers services like nutrition guidance, physiotherapy, and genetic counseling that are essential for improving quality of life for cancer patients.
In a statement, Mr. Manish Jobanputra- Chief Operating Officer, M|O|C 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 now the current investment by Elevation Capital significantly 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 maximize the potential of existing ones.”
Talking about the investment, Mayank Khanduja, Partner, Elevation Capital, said, “We are excited to partner with M|O|C 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.”
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 has allowed the company to expand its operations in the state of Gujarat. M|O|C shall 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.
