In India’s fast-evolving healthcare landscape, few journeys illustrate vision, resilience, and transformation like that of HealthCare Global Enterprises (HCG). From a single cancer centre in Bengaluru, HCG has become a pan-India network pioneering comprehensive oncology care.

A Visionary Beginning

In the early 2000s, India’s cancer care ecosystem was highly fragmented, with a limited presence largely confined to a few metropolitan areas. Patients often endured significant travel and financial hardship for quality treatment.

Dr. B.S. Ajai Kumar, an oncologist trained in the United States, saw an opportunity to change this. He envisioned a network that would bring world-class cancer care closer to patients’ homes. In this aspect, this was a true ‘Zero to One’ story, and Dr Ajai is a true visionary in the healthcare ecosystem in India.

HCG’s first centre in Bengaluru wasn’t merely a hospital—it was an integrated cancer care model. It brought together radiation, surgical, and medical oncology under one roof, ensuring seamless care pathways. This was revolutionary for India’s healthcare system at the time. The centre was ahead of its time and continues to drive innovation in cancer protocols and clinical pathways in the country.

Listen to our latest episode on HCG on the Healthcare India Podcast

Rapid Expansion Fueled by Technology and Capital

Encouraged by early success, HCG adopted a hub-and-spoke model. Over the next decade, it expanded from Bengaluru into cities like Ahmedabad, Mumbai, Kolkata, and several Tier-2 cities, including Hubli and Vijayawada.

Technology remained central to this journey. HCG introduced India’s first CyberKnife robotic radiosurgery system, PET-CT scanners for advanced cancer diagnostics, and state-of-the-art linear accelerators. Such innovations made precision oncology accessible to thousands of patients who previously had limited options.

These ambitions attracted significant investments, notably from Philanthropist and Entrepreneur Azim Premji, enabling HCG to scale both its clinical and geographical footprint.

Going Public and Facing New Challenges

In 2016, HCG went public, raising approximately ₹650 crore through its IPO. The capital fueled further expansions and diversification, including investments in fertility treatments through Milann.

However, rapid growth brought challenges. Newly established centres took longer than anticipated to achieve profitability, margins came under pressure, and debt levels rose. Investors grew cautious as the returns on new investments lagged initial projections.

Strategic Shift Under CVC Capital and Raj Gore

Recognising the need for operational rigour, global private equity firm CVC Capital Partners acquired a majority stake in HCG in 2018, buying out early investors such as PremjiInvest.

A critical pivot came in 2020 with the appointment of Raj Gore as CEO. A seasoned healthcare executive, Raj brought deep operational expertise from stints at healthcare systems like Apollo and Fortis. Under his leadership, HCG undertook several transformative steps:

• Focused Core Operations: HCG focused on the core practices of providing Oncology care
• Cost Optimisation: Streamlined cost structures and renegotiated supplier contracts to improve margins.
• Operational Efficiencies: Introduced data-driven performance monitoring across centres, improving clinical throughput and reducing average length of stay.
• Clinical Program Strengthening: Enhanced high-end oncology offerings, including bone marrow transplants, immunotherapy programs, and advanced nuclear medicine services.
• Revenue Metrics: Improved Average Revenue Per Occupied Bed (ARPOB) and optimised occupancy rates, particularly in mature centres.

Building a New Leadership Team

Beyond operational changes, Raj Gore prioritised bringing in experienced talent to lead critical functions:

Madan Sampath for Supply Chain and Projects

Sudeep Dey for Technology

Vineesh Ghei for Sales

Major Dr Deepti Tiwari for Human Resources

Stuti Jain for Marketing, in addition to other operations and clinical leaders.

This new leadership team brought sharper focus, agility, and execution capability, crucial for navigating both operational challenges and growth opportunities.

HCG by the Numbers

Today, HCG’s scale and impact are significant:

• Network Size: Over 25 comprehensive cancer centres across India.
• Beds: Approximately 2,000 beds dedicated to oncology care.
• Patient Volume: HCG treats over 120,000 cancer patients annually.
• Technology Leadership: Houses one of India’s largest fleets of advanced radiation equipment, including 2 CyberKnife units and more than 40 linear accelerators.
• Clinical Milestones: Performed more than 1 million radiation procedures to date and pioneered several protocols in precision oncology.

These numbers reflect HCG’s commitment to combining cutting-edge technology with protocol-driven care to improve patient outcomes. In recent years, HCG has acquired a majority stake in Mahatma Gandhi Cancer Hospital & Research Institute (MGCHRI) in Visakhapatnam (Vizag) with plans to acquire the remaining stake later. HCG also acquired the SRJ CBSS Cancer Hospital in Indore, marking the entry into Madhya Pradesh. HCG is also building in Bengaluru with a 100-bed state-of-the-art Comprehensive Cancer Care Hospital coming up in North Bangalore. In addition, the HCG management team built excellent partnerships with healthcare technology OEMs and other service providers that greatly improved the clinical experience and were rewarding for the business as well.

KKR’s Entry: A New Chapter for Scale and Innovation

In 2024, global private equity giant KKR acquired CVC’s majority stake in HCG. KKR’s investment signals not just confidence in HCG but in India’s broader speciality healthcare sector.

Under KKR, HCG is expected to:

• Consolidate and deepen its footprint in existing regions.
• Expand into adjacent markets and specialities.
• Invest heavily in digital health solutions, including AI-driven diagnostics and personalised oncology pathways.

With KKR’s resources and strategic playbook, HCG is well-positioned to further scale operations and integrate emerging technologies into patient care. This will also bring new leadership to the healthcare system.

Looking Ahead

HCG’s journey is more than a corporate success story—it reflects the transformation of India’s healthcare sector, where visionary founder, advanced technology, and strategic investors come together to drive sustainable, impactful growth. From a single doctor’s vision in Bengaluru to a national leader treating over a lakh patients each year, HCG is not just adding years to life but life to those years.