Cloudnine raises Rs 100-crore led by Sequoia along with an existing investor
By Prathamesh Patil
Bangalore based maternity and infant care Cloudnine has raised $16 million in Series B round of funding from Sequoia along with existing investor Matrix Partners India for an undisclosed stake.
The proceeds would be used to set up 10 new centres over the next two years. The first one in Chennai will deliver quality services in maternal, neonatal, gynecological and infertility care.
Cloudnine Hospitals was founded in January 2007 as a joint venture of Kids Clinic Pvt. Ltd, owned by Kishore Kumar and Scrips N Scrolls India, a property development and investments company. The center was associated with Apollo initially and was known as Cradle. In 2011, it parted ways with Apollo which owned the brand ‘The Cradle’ to rechristen itself as Cloudnine.
It runs five facilities in Bangalore specializing in Maternity, Gynecology, Paediatrics, Intensive Care & Fertility.
Back in 2011, Martix Partners India Invested $ around $10 million in the first institutional round of funding by picking 25% stake in Clouldnine. As a part of the deal Avnish Bajaj, Managing Director, Matrix Partners joined Cloundnine’s board.
“Mother and childcare services is an area in which we have been spending lot of time in past 12 months,” said GV Ravishankar, managing director at Sequoia Capital India Advisors as told to ET.
“Cloudnine has achieved and sustained a zero percent maternal mortality rate and a 99.72% survival rate for babies across 16000 deliveries. Our IVF success rates, too, are amongst the highest in the country at 42.31%. These rates compare favourably with those achieved in the most developed countries across the globe,” said Dr. Kishore Kumar, Chairman and Managing Director, Cloudnine.
The deal comes on the back of Cloudnine’s expansion strategy to open facilities in major cities outside Karnataka. It plans to add 3 more facilities by next year.
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