PF firm IVFA invests Rs 400 cr in Cloudnine
Times News Network
Bengaluru: Private equality firm India Value Fund Advisors(IVFA) has invested Rs 400 crore for a significant minority stake in Bengaluru-based maternity care chain Cloudnine at a valuation of around Rs 1,500 crore.
This Cloudnine’s third funding round after it raised Rs 100 crore and Rs 45 crore from existing investors, Sequoia and Matrix.
With this round, Matrix has sold a part of its stake.
Cloudnine is a multi-city chain of women and child-focused hospitals specializing in obstetrics, gynocology, fertility and neonatology. Established in 2007 by Dr kishore Kumar, Cloudnine has 10 hospitals in Bengaluru, Chennai, Gurgaon, Mumbai and Pune.
The company plans to use the funds to expand to tier 2 cities such as Surat, Mysuru and Coimbatore. It is also looking to partner with or acquire smaller clinics. “We don’t want a franchise model. We are looking at strategic opportunities to collaborate with all the groups in the same sector but haven’t got the opportunity to scale,” said Rohit MA, managing director, Cloudnine.
Cloudnine saw revenues of Rs 150 crore for FY 2014-15 and is expecting a revenue of Rs 220 crore for FY 2015-16
This is IVFA’s eighth investment in the Indian healthcare industry with prior investments in Care Hospitals, DM Healthcare, Manipal Hospitals, Trivintron Healthcare and Syngene
Original Source: The Times of India