India Value Fund Advisors invests Rs 400 cr in Cloudnine
PNS NEW DELHI
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 worid-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 MA 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 brand 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.
This is the third round of fund raising for Cloudnine. The company had 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
Original Source: The Pioneer