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In its third round of fund-raising, Cloudnine has raised Rs 400 crore from India Value Fund Advisors(IVFA) in exchange for a significant minority stake.
IVFA joins existing investors Matrix Partners India and Sequoia India, who had invested in Cloudnine in its initial phase of growth.
Cloudnine had earlier raised Rs 100 crore in its second round led by Sequoia India and existing investor Matrix Partners India in 2013. Matrix had invested Rs 45 crore in the company in 2011, the company said in a statement.
“Cloudnine is a trusted brand built on the twin pillars of clinical excellence and great customer service. The focus of the partnership and investment will be to further strengthen the core value proposition of the Cloudnine brand and extend the company’s leadership position in the women & child healthcare services segment as the company builds out a pan-India footprint,” said Siddharth Dhondiyal, Managing Director at IVFA.
Siddharth Dhondiyal, Managing Director of IVFA and Sanjay Arte, Partner at IVFA have also joined Cloudnine’s board.
Cloudnine is IVFA’s eighth investment in the Indian healthcare industry with prior investments in Care Hospitals, Biocon, TTK Healthcare, DM Healthcare, Manipal Hospitals, Trivitron Healthcare and Syngene.
Cloudnine is a multi-city chain of women and child focused hospitals specialising in obstetrics, gynaecology, fertility and neonatology.
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