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 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 brand and extend the company's leadership position in the women & 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.
Cloudnine is IVFA's eighth investment in the Indian healthcare industry with prior investments in Care Hospitals, Biocon, TTK Healthcare, DM Healthcare, Manipal Hospitals, Trivitron Healthcare and Syngene, IVFA and Cloudnine said in a joint statement.
Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.
