IVFA invests Rs. 400 cr in Cloudnine chain
New Delhi Venture capital und India Value Fund Advisors (IVFA) has invests Rs 400 crore in maternity care chain Cloudnine for a significant minority state in the company.
Siddharth Dhondiyal, Managing Director of IVFA and Sanjay Arte, Partner at IVFA have also joined Cloudnine’s Board as Directors of the Company.
This would be the third round of fundraising for Cloudnine. The company has raised Rs 100 crore in its second round led by Sequoia India and exiting investor Matrix Partners India in 2013. Matrix had invested Rs 45 crore in the company in 2011, said the company.
Cloudnine is a multi-city chain of women and child focused hospitals specialising in obstetrics, gynaecology, fertility and neonatology which was established in 2007 by Kishore Kumar, renowned neonatologist and Chairman of the group, along with Scripts N Scrolls India, width the aim of providing quality newborn care.
“We are delighted to partner with IVFA. IVFA’s expertise in building world-class enterprises of the health-care sector and ability to provide long term strategic capital make them an ideal partner for our next stage of growth. Our existing in-vestors Matrix and Sequoia, have reaffirmed their belief in us by retaining therir stake, further strengthening our vision on our core strenghts,” said Rohit M.A, Managing Director Cloudnine.
“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 Mr. Kishore and welcome the partnership,”” added Avnish Bajaj, co-founder and Managing Director, Matrix India in a statement. UNI
Original Source: Sakal Times