Tata Capital Innovations Fund, managed by Tata Capital, along with existing investors India Innovation Fund and Accel Partners, will invest about Rs 40 crore in the Series B funding for Bangalore-based cancer care provider Mitra Biotech. The deal values the firm at about Rs 200 crore. Founded by a team of medical researchers from the MIT and Harvard Medical School, Mitra Biotech works with top oncology institutes to determine the optimal drug or combination of drugs for patients. 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 development and research teams. Masterkey Holdings acted as the exclusive financial advisors to Mitra Biotech for the transaction.
From the Venture Intelligence PE Deal database: In April 2010 Accel India and Kitven had invested $1 million and in November 2010 India Innovation Fund had invested $ 0.55 million in Mitra Biotech.
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