Matrix-backed Cloudnine raises INR 400 crores
Bengaluru, December 23, 2015: India Value Fund Advisors (IVFA) has invested Rs.400 crores for a significant minority stake in Cloudnine, joining existing investors Matrix Partners India and Sequoia India, who had invested in Cloudnine in its initial phase of growth.
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 existing investor Matrix Partners India in 2013. Matrix had invested Rs.45 crore in the company in 2011.
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, renowned neonatologist and Chairman of the group, along with Scrips N Scrolls India Pvt. Ltd, with the aim of providing quality newborn care. From a single hospital in South Bangalore, Cloudnine has expanded its operations to ten hospitals spread across Bangalore, Chennai, Gurgaon, Mumbai and Pune.
Mr. Siddharth Dhondiyal, Managing Director, IVFA said "We have been closely following the evolution of new healthcare delivery models in India and tracking the growth of Cloudnine over the last few years. We are very excited to partner with Matrix, Sequoia, the founders and the management team of the company to support the next phase of the company's growth. 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. This deal showcases the IVFA investment philosophy of working with entrepreneurs and management teams looking to build high quality, globally competitive companies that are admired by all stakeholders."
Expressing his views on the investment, 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."
"As the first institutional investor in Cloudnine, it has been an absolute delight to watch the company scale from a single hospital to a multi-city well known chain and we congratulate Dr. Kishore and the management team on this achievement and welcome IVFA to the partnership." added Avnish Bajaj, co-Founder and Managing Director, Matrix India.
"We are delighted to welcome IVFA on the board of Cloudnine. We are excited at the opportunity for Cloudnine to be the leading women and child care specialist hospital chain in the country and are happy to be associated with the entire Cloudnine team in this journey", said GV Ravishankar, Managing Director, Sequoia Capital India Advisors.
Powered by his belief that "Pregnancy is Wellness and Not an Illness", in 2007, Dr. Kishore Kumar, internationally renowned neonatologist and the Chairman of the group, along with Scrips n Scrolls India decided to set up Cloudnine Hospital with the aim of focusing on providing quality newborn care.
The organization's vision to effectively bridge the gap between Indian and International standards to ensure world-class standards in woman and child healthcare, has been achieved through a combination of clinical excellence, comprehensive care and an atmosphere of well-being.
Where pregnancy was previously perceived as an illness by society, Cloudnine has pioneered and transformed society's perception to pregnancy is wellness and a celebration of life. This philosophy has now transcended into every aspect of care across maternity, gynecology, fertility, neonatology and pediatrics, provided at Cloudnine.
Cloudnine has achieved an Infant Survival Rate of 99.7% against the Global and Indian odds of 50.6% and 47.1% respectively.
Having celebrated over 27,000 births across regions, with a 2000+ strong team base, Cloudnine has expanded its reach to multiple facilities across India while continuing to maintain and excel international standards of care and is still going strong with plans to reach every woman and child in India.
For more information, visit www.cloudninecare.com or write to firstname.lastname@example.org
About India Value Fund Advisors:
India Value Fund Advisors (IVFA) group commenced its operations in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leading businesses, built on a strong foundation of IVFA values. India Value Fund is a registered with the Securites and Exchange Board of India as a venture capital fund. Steered since its inception by Vishal Nevatia, IVFA has over the years built deep knowledge and skills in the Indian markets and has successfully launched five separate investment funds with a combined corpus of over US$ 2 billion. For more information, please visit www.ivfa.com.
About Sequoia India:
Sequoia helps founders turn imaginative ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs," the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Len Bosack and Sandy Lerner of Cisco, Sergey Brin and Larry Page of Google, Reid Hoffman and Jeff Weiner of LinkedIn among others. Our partner entrepreneurs in India include Amit Jain and Anurag Jain of Cardekho, Jaspreet Singh of Druva, VSS Mani of Just Dial, Alan Mamedi and Nami Zarringhalam of Truecaller, Deepinder Goyal and Pankaj Chaddah of Zomato among others.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm has invested in several market leading companies including Centre for Sight (eye care chain), Mewar Ortho (Orthopedic care chain), Enhance (Cosmetology chain), Meditrina (cardiac care chain), Ola (online transportation), Practo (healthcare app), Quikr (online classifieds), Dailyhunt (mobile local language platform), Limeroad (mobile social commerce marketplace), MSwipe (mobile POS), Stayzilla (short term accommodation marketplace) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4.5 billion under management.Further information is available at www.matrixpartners.in
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