The healthtech firm 4baseCare, situated in Bengaluru, has successfully raised $6 million (about INR 50 crore) in its Series A fundraising round, which is being led by Yali Capital. Numerous unidentified investors also participated in the round.
The business intends to use the additional funding to expand the range of products it offers, with a particular emphasis on creating solutions for digital health and genomics. Furthermore, 4baseCare is aiming to expand globally, with a specific emphasis on the Middle Eastern and Asian markets.
The business announced intentions to open genomics labs in Dubai, Nepal, and the Philippines in a statement. The establishment of these labs will enhance 4baseCare’s capacity to provide precision oncology solutions in these areas.
Hitesh Goswami and Kshitij Rishi founded 4baseCare in 2018, and since then, the company has led the way in creating precision cancer treatments by utilizing cutting-edge genetics and cutting-edge digital health technologies. Precision oncology is a customized approach to cancer treatment that guarantees that a patient’s exact cancer profile will be taken into account while designing a therapeutic plan.
The company raised $2 million in a Pre-Series A fundraising round back in 2021 with the goal of increasing the use of genetic diagnostics in oncology. Goswami highlighted 4baseCare’s distinct market positioning in a 2020 interview with Inc42, saying, “Most companies in the space today provide diagnostic tests, based on global genomics data.” Even while the bulk of the businesses do offer genomics solutions for cancer treatment, this is only a small part of their extensive portfolios.
This most recent development occurs at a time when Indian healthtech businesses that are specializing in cancer treatment solutions are drawing a lot of interest from investors. For instance, Taiba Middle East FZ LLC provided about $12 Mn (about INR 100 Cr) to biotech firm Immuneel Therapeutics last month.
The growing investor interest in this sector is underscored by alarming statistics from the National Centre for Disease Informatics and Research (NCDIR). According to the NCDIR, approximately one in nine people in India is expected to face a cancer diagnosis during their lifetime. In 2022 alone, the projected number of new cancer cases in India was 1,461,427, with an incidence rate of 100.4 per 100,000 individuals.
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