NEW DELHI – Shares of Reliance Industries lost 1 per cent in early trade on Monday after an announcement saying that oncology-focussed managed healthcare platform Karkinos Healthcare received an undisclosed amount of investment from Reliance Digital Health.
The start-up is backed by the Tata Group and former chairman of Tata Sons, Ratan Tata.
The share price of Reliance Industries touched a low of Rs 2,350 on the National Stock Exchange against Rs 2,372.80 at the previous close.
Krkinos Healthcare is also backed by major angel investors, including Venu Srinivasan, Kris Gopalakrishnan, Ronnie Screwvala, Vijay Shekar Sharma and Bhavish Agarwal, reports said.
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Subscribe to ETPrimeAccording to reports, San Diego, California-based Rakuten Medical, a global clinical-stage biotechnology firm, also holds a minority stake in the healthcare platform.
The Tata Group had recently invested Rs 110 crore into the technology-driven oncology-focussed managed healthcare platform that helps in early detection and diagnosis of common cancers, reports said.
The statement, over the weekend, said Reliance Industries had invested an undisclosed sum in Karkinos through Reliance Digital Health for a minority stake.
According to reports, Venkataramanan R, chief executive of Karkinos Healthcare said, the investment yet again validates its pioneering model of distributed cancer care and the potential impact it can have in the country.
Headquartered in Mumbai, Karkinos Healthcare presently has operations only in Kerala with services provided in four locations – Kothamangalam and Chottanikkara in Ernakulam district and Thodupuzha and Munnar of Idukki district, reports said, adding that the company is planning to ramp up its operations across the country.