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Matrix Partners India set to complete its investment term with Cloudnine Group of Hospitals

Matrix Partners India set to complete its investment term with Cloudnine Group of Hospitals

India Blooms News Service | 21 Feb 2017, 04:30 pm
Bengaluru, Feb 20 (IBNS): Marquee Venture Capital firm Matrix Partners India has successfully completed its investment term in Cloudnine Group of Hospitals becoming the first investor in the hospital to initiate the process for an investment exit. Matrix had backed Cloudnine in its early growth strategy in 2011, an investment funded through their first fund and had also re-invested in subsequent investments rounds thereafter. Investment banking firm Spark Capital has been appointed to facilitate the process.

Cloudnine set up its first unit in South Bangalore in 2007 and began expanding with the investment from Matrix Partners in 2011. Today, Cloudnine Group of Hospitals is present in 18 locations across 6 cities in India and continues to add about 5 hospitals in different cities every year. Sequoia Capital invested in Cloudnine in 2013 and India Value Fund (True North) invested in 2015. Both Sequoia Capital and True North will continue to stay invested in the group.

Commenting on the successful partnership with Matrix Partners India, Rohit M.A., Co-Founder and Managing Director, Cloudnine Group of Hospitals said, “About 6 years ago, we were a single hospital with an ambitious vision and drive when Matrix Partners saw potential in us and supported us. They were the right partner in our journey and have contributed  immensely in our growth and development. From the time Matrix Partners first invested with us, we have achieved more than 10 fold growth on number of beds, consumer goodwill, and dedicated clinician network and support workforce. During this time we have grown from an initial capacity of delivering around 200 babies a month to over 2000 babies a month. We feel privileged to have received a great level of interest from multiple private equity investors as we enter this next round of investment opportunity with us.”

“We have been invested in Cloudnine for almost six years now and have seen tremendous growth in the business due to the outstanding Promoters and management team. Exiting investments is the lifeblood of the venture capital business in providing liquidity. We are confident that Cloudnine will become an iconic and valuable listed company in the foreseeable future and are grateful for the privilege of being their partner for this journey”, said Avnish Bajaj, Co-Founder and Managing Director, Matrix India. Speaking on the performance of this investment he added, “Nothing short of outstanding! We do not comment on specific returns, but I can say we have had a great outcome already and wish that Cloudnine gets a great partner for its future journey.”

Spark Capital, owing to its decade long experience in banking for healthcare entrepreneurs, has been brought on-board by Cloudnine to manage the process.

Skanda Jayaraman, Managing Director & Head – Investment Banking, Spark Capital, said: “We believe that 'Mother and Child' is the single best specialty format within the healthcare delivery ecosystem, as among other factors pregnancy is wellness, it is not an illness. Very rarely does any healthcare model cater to a patient's need for clinical excellence as well as quality experience. Cloudnine has not only pioneered this model but has also emerged as a pan-India brand through repeated successes across multiple regions and continues to grow in all aspects setting new benchmarks in the sector.” 

Set up in 2007 by the renowned neonatologist Dr. R. Kishore Kumar, in partnership with investing partners Matrix Partners and Sequoia Capital, India Value Fund Advisors (True North), Cloudnine is a hospital for comprehensive maternal, gynaecological, neonatal and paediatric care. 

Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. 

Spark Capital is among India’s leading investment banks, providing a full suite of services encompassing Investment Banking, Institutional Equities, Wealth Management and Structured Finance & Debt Syndication. 


Matrix Partners India set to complete its investment term with Cloudnine Group of Hospitals

India Blooms News Service
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