M|O|C Cancer Care & Research Centre raises $18M in growth capital led by Elevation Capital

M|O|C Cancer Care & Research Centre has raised $18 million in funding led by Elevation Capital. Founded in 2018 by four 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 treated over 4.5 lakh cancer patients with a team of 47 oncologists while scaling operations to 24 centres in Mumbai, Pune, the 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, the distance that patients travel to the hospitals, hygiene and quality of care and lack of personalised 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 into 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 the 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 per cent savings to patients while helping them save a great deal of time. Their comprehensive care model offers services like nutrition guidance, physiotherapy, and genetic counselling that are essential for improving quality of life for cancer patients. 

In May 2024, the Company expanded its services by joining hands with Hemato Oncology Clinic (HOC). This merger has allowed the company to expand its operations in the state of Gujarat. M|O|C aims to 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.