Tata Capital's Tata Capital Innovations Fund together with existing investors India Innovation Fund and Accel Partners, would invest INR40 crore in Mitra Biotech, a cancer care provider based out of Bangalore.
The deal would value the oncology solutions provider at INR200 crore, according to an individual with direct knowledge of the transaction who sought anonymity.
The company was established by a team of medical researchers from the Harvard Medical School and Massachusetts Institute of Technology. The firm first opened its venture funding round with a total pledges amounting to INR30 crore from investors such as Accel Partners, India Innovation Fund and Karnataka based fund Kitven.
According to Mitra Biotech CEO Malikarjun Sundaram, "This funding is a testimony of the tremendous market opportunity for use. This helps reduce the overall treatment cycle and toxicity of conventional cancer medicines. The latest round of funding will be used to scale operations, expand globally and strengthen the business developent and research teams."
With the funding, the firm would be working with a number of top oncology institutes in determining the optimal drug or combination of drugs for patients.
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