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Existing investors Matrix Partners and Sequoia invest 100 cr in Cloudnine

Sequoia Capital along with existing investor Matrix Partners, has invested R100 Cr in Bangalore based Cloudnine Hospitals, which will be utilized to set up 10 new centres over the next two years, ET states. The first one in Chennai will deliver services in maternal, neonatal, gynaecological and infertility care. Kids Clinic, which operates Cloudnine had raised R45 Cr from Matrix Partners in 2011, which brought Matrix Partners' Avnish Bajaj on board. The company was planning its second fund raise since last year for expansion and Chennai-based Spark Capital was advising Cloudnine for the fundraising process. Founded in 2007, Cloudnine Hospitals is a venture of Kids Clinic, owned by Kishore Kumar and Scrips N Scrolls India, a property development and investments company. The hospital which runs a network of five specialty maternitycare hospitals, is engaged in providing infant and maternity care by offering complete pregnancy care, fertility care, gynecological care, well women care, neonatal and pediatric care. Cloudnine has achieved and sustained a zero percent maternal mortality rate and a 99.72% survival rate for babies across 16,000 deliveries. Sequoia Capital, which manages investments worth about $1.4 billion in India, has a strong portfolio of healthcare investments. This portfolio includes Vasan Healthcare, New Delhi-based Moolchand Healthcare, Rajasthan-based ASG Eye Hospitals, bio-pharmaceutical company Celon Labs, rural healthcare start-up Glocal Healthcare Systems, Suburban Diagnostics, Sai Life Sciences and GVK Biosciences. According to a CARE Research report, India would need an additional 1.75 million hospital beds by the end of 2025. Currently, there is one hospital bed/1,000 people, against the global average of four. The Indian health care industry, comprising of hospitals, medical infrastructure, medical equipment, clinical trials, outsourcing, telemedicine and health insurance, is expected to reach 160 billion dollar by 2017. Recently in this space, Dabur Promoters, Anand Burman and Gaurav Burman had forayed into health education and homecare space through two JV’s with foreign partners picking up 65% each in both the companies; Bangalore-based Medi Assist Healthcare had received an investment of R125 Cr from IDFC Alternatives; U.S firm Bayada had acquired 26% stake in Chennai’s India Home Health Care (This story was published in Dealcurry.com : Dated 31-10-2013)

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