NewQuest Capital Partners (NewQuest), a dedicated secondary private equity platform focused on the Asia-Pacific region, has acquired a minority interest in Kids Clinic India Private Limited, operator of the Cloudnine chain of hospitals across India.
The stake has been acquired through a combination of a primary investment and acquisition of a secondary stake from existing investors and other shareholders.
Cloudnine is India’s premium birthing centre for maternal, childcare and fertility care. The Company is headquartered in Bengaluru with 16 facilities spread across in Gurgaon, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune.
Amit Gupta, Partner and Head of India and Southeast Asia at NewQuest, says: “Cloudnine is an exceptional healthcare provider with a focus on providing high quality services in the women and childcare segment. We are excited to be part of the journey as Cloudnine enters its next phase of growth. We believe that the healthcare segment is on the cusp of high growth and Cloudnine is well positioned to consolidate its market leading position under the stewardship of Raviganesh Venkataraman, Chief Executive Officer at Cloudnine.”
NewQuest made its investment in Cloudnine from its fourth flagship fund, which closed in late 2019 with USD1 billion of commitments. The investment represents NewQuest’s third investment in India in the last six months. NewQuest’s other recent investments in India include Cosmos-Maya and KreditBee.
Dr Kishore Kumar, Founder Chairman and Neonatologist at Cloudnine, says:“We sincerely thank Matrix Partners for believing in our innovative premium birthing concept in India. At Cloudnine, we strongly believe that the birth of a child should be celebrated. Our aim has always been sharing this great journey and celebrating this monumental moment in our customers’ lives, which is the birth of their child. We now welcome NewQuest as our investor partners during this next exciting phase of growth to deliver further technological advancement and public private partnership to make pregnancy and childbirth a safe and enjoyable experience for every mother in India.”
Raviganesh Venkataraman, CEO at Cloudnine, says: “At Cloudnine we understand our customers and believe that very few know moms better than us! Hence, we have curated our services with a generous mix of both technology and clinical expertise to ensure that all our customers have an exquisite, safe, and joyous birthing experience in this journey of parenthood! We are confident that our partnership with NewQuest will strengthen our ability in providing highly specialised maternal, childcare and fertility care for our customers.”
Allegro Advisors acted as exclusive Financial Advisor to Cloudnine and its shareholders. For NewQuest, Induslaw acted as Legal Advisors, Alvarez & Marsal and Dhruva Advisors acted as Financial Due Diligence and Tax advisors, respectively, and Envint Global acted as the ESG diligence advisors.
