HealthCare Global Enterprises is India’s largest dedicated cancer-care network, built on a single idea: treat complex oncology the way a focused factory makes one thing exceptionally well. Founded in 1989 by a radiation oncologist who trained at MD Anderson, the company spent three decades expanding from one Bengaluru hospital into 25 centres across 19 Indian cities and one in Kenya, all organised around a hub-and-spoke model that pushes advanced protocols out from a central Centre of Excellence. That recurring approach - concentrate expertise, standardise quality, and use technology to make top-tier care accessible far beyond the metros - explains everything else the business does.
Business segments
A single oncology engine, organised into three geographic clusters in India plus a small international outpost in Kenya, all fed by a central clinical-and-technology backbone - and a divested fertility unit that is no longer part of the story.
1. Indian cancer-care network: the specialist factory for complex oncology
HCG runs the only organised cancer-care chain in the country, treating roughly 2.4 lakh patients a year across a network where it holds the number-one position in 16 of the 19 cities it operates in.
- Full pathway under one roof - every centre combines diagnostics (genomics, digital PET, molecular imaging), treatment (medical, surgical and radiation oncology, bone-marrow transplant, robotic surgery) and post-care (psycho-oncology, nutrition, rehabilitation), so a patient does not have to navigate separate facilities for different stages of the disease.
- Hub-and-spoke with a central brain - the Bengaluru Centre of Excellence sets clinical protocols, runs the country’s largest weekly tumour board and provides teleradiology and digital pathology to spoke centres, which means a patient in Ranchi or Hubli gets a treatment plan reviewed by the same multi-disciplinary team as one in Bangalore.
- Asset-light, lease-heavy footprint - most hospitals operate on leased premises and radiation machines are often paid for on a per-use basis with partners like Elekta, which keeps capital tied up in buildings and equipment low while the network scales.
- Buy-and-build in micro-markets - the M&A playbook targets single-location, doctor-led hospitals that already lead their local market (Ahmedabad, Cuttack, Vijayawada, Nashik, Indore, Visakhapatnam), then plugs them into the central formulary, tumour board and purchasing scale, lifting utilisation post-acquisition.
- Non-metro density is the moat - nearly 62% of cancer beds sit in Tier-2 and Tier-3 towns where HCG is the clear number one, giving it a catchment of roughly 639 million people with far less competitive intensity than in the metros.
2. International operations - Kenya: a small bridgehead in East Africa
A single comprehensive cancer centre in Nairobi, plus minority stakes in related diagnostics, serves a region where over 250,000 new cancer cases appear each year and advanced care is scarce.
- First-mover in a thin market - Cancer Care Kenya, operating since 2010, was the first private comprehensive cancer centre in the country and treats over a thousand patients annually, including more than two hundred from neighbouring African nations.
- Ramping on radiation and PET - the Kenyan unit grew revenue 71% in FY26, driven by higher volumes in radiation oncology and PET-CT services as the centre’s capabilities mature and patient inflows strengthen.
- Feeder for the Indian hubs - patients from Africa also travel to HCG’s Bengaluru Centre of Excellence and other Indian centres for complex procedures, making the Nairobi presence both a local business and a referral channel.
Clinical capabilities and technology platform
The network’s clinical engine is built on a first-mover habit in technology, a research programme that feeds back into treatment, and a digital stack that turns episodic care into a lifelong patient relationship.
- First-to-launch as a reflex - HCG introduced India’s first Cyclotron (2006), CyberKnife (2009), Tomotherapy-H (2016), Ethos adaptive radiation (2022) and Karnataka’s first MR-Linac (2026), among others; each new tool expands the range of cases the network can handle without sending patients abroad.
- Genomics drives targeted therapy - the company has run comprehensive genomic profiling on over a thousand patients and maintains a biorepository of cancer tissue linked to clinical outcomes, which lets oncologists match mutations to therapies instead of relying on one-size-fits-all protocols.
- Research that is built in, not bolted on - an in-house Institutional Research Committee funds investigator-initiated trials; in FY25 alone the network launched over 30 new clinical trials and published 71 papers, while the academics arm runs 43 fellowship programmes that replenish the oncology talent pipeline.
- Digital omnichannel converts trust into volume - a patient app (202% growth year-on-year), a centralised CRM, a digitised call centre and telemedicine services capture leads, schedule consultations and keep patients connected to their care team between hospital visits, shifting the relationship from one-off treatment to continuous monitoring.
- Cost structure that wins on price without losing on outcomes - a centralised drug formulary, network-scale purchasing and high patient volumes push the cost of cancer care to roughly one-sixth of US levels, while clinical outcomes for breast cancer survival track US benchmarks.
Group structure and partners
A listed Indian parent with a web of majority-owned hospital subsidiaries and LLPs, controlled since mid-2025 by KKR after a long cycle of private-equity sponsorship, and now run by a professional CEO under the founder’s chairmanship.
- The listed entity, HealthCare Global Enterprises Ltd, directly and indirectly holds 24 subsidiaries, associates and joint ventures that house the cancer centres, the Kenya operations, the R&D unit and the now-divested fertility business.
- Indian cancer hospitals sit in a mix of private limited companies (Ahmedabad at 74%, Shimoga at 70.25%, Visakhapatnam at 85% post-April 2026) and LLPs (Mumbai-Borivali, Nagpur, Kolkata, Rajkot, among others), giving HCG operational control while accommodating local doctor-partners in some entities.
- The Milann fertility business, held through BACC Health Care Private Limited, was sold to Inviga Healthcare Fund I (an entity controlled by Dr. Ajaikumar) in June 2026, completing the strategic pivot to a pure-play oncology focus.