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Cloudnine receives Rs 400 cr investment

PRESS TRUST OF INDIA(Kolkata)

VENTURE capital fund India Value Fund Advisors(IVFA) has invested Rs 400 crore in woman and child healthcare hospital chain Cloudnine for a significant minority stake in the company. As a result, IVFA managing director Siddharth Dhondiyal and partner at IVFA Sanjay Arte have joined Cloudnine’s board as directors.

“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”, Cloudnine managing director Rohit M A said.

The company will be looking to invest at strategic opportunities to build capacity, disruptive customer service and medical tech to enhance the overall experience he added.

“The focus of the partnership and investment will be to further strengthen the core value proposition of the Cloudnine rand and extend the company’s leadership position in the women and child healthcare services segment as the company builds a pan-India footprint”, Dhondiyal said.

Original Source: The Financial Chronicle

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