Company Name : Cloudnine
Funding Amount : Rs 400 crores
Investor(s) India Value Fund Advisors . .
Funding Round : Pre-Series A
India Value Fund Advisors (IVFA) has invested Rs 400 crores for a significant minority stake in Cloudnine.
This would be the third round of fundraising for Cloudnine. The company had raised Rs 100 crore ($16 million) in its second round led by Sequoia India and Matrix Partners India in 2013.
Cloudnine is a multi-city chain of women & child focused hospitals specializing in obstetrics, gynaecology, fertility and neonatology. It was established in 2007 by Dr. Kishore Kumar along with Scrips N Scrolls India, with the aim of providing quality newborn care.
Cloudnine has expanded its operations to ten hospitals spread across Bangalore, Chennai, Gurgaon, Mumbai and Pune.
Rohit M.A., Managing Director of Cloudnine, said, “We are delighted to partner with IVFA. IVFA’s expertise in building world-class enterprises, deep understanding of the healthcare sector and ability to provide long term strategic capital make them an ideal partner for our next stage of growth. Our existing investors Matrix and Sequoia, have reaffirmed their belief in us by retaining their stake, further strengthening our vision to innovate and deliver on our core strengths. We will be looking to invest at strategic opportunities to build out capacity and disruptive customer service and medical tech to enhance the overall experience further.”