Healthcare Provider Cloudnine Raises $16 Mn From Sequoia Capital & Matrix Partners
Woman and child health care provider Cloudnine, has raised around $16.26 million (Rs 100 crore) in a Series B funding round from Sequoia Capital and Matrix Partners India and existing Series A investors.
Cloudnine also announced the launch of its new facility in Chennai, that will be focused on delivering services in maternal, neonatal, gynaecological and infertility care.
The company plans to use the newly raised funds for expansion in the southern and western regions of the country. It currently has 5 health care facilities in Bangalore and plans to set up 10 more centres through its expansion plans in the coming 2 years.
“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 company was founded in 2007 by Dr. R. Kishore Kumar, a neonatologist.
Back in August 2011, Matrix Partners India had invested Rs 45 crores as the sole investor in the first institutional round of funding for Kids Clinic India Private Limited, the company that operates Cloudnine.
Woman and child health care services in India are largely provided by the state and central governments. Large scale government programs in rural and semi urban areas have brought down infant deaths and maternity related complications. However, with a burgeoning middle class aspiring for better services, the private sector has started making heavy investments into the segment.
Last month NationWide Primary Healthcare Services raised Rs 5.5 Crore in a fresh round of venture debt funding from a group led by SVB India Finance.
In July this year Bangalore based serial entrepreneurs K Ganesh and his wife Meena Ganesh bought Portea Medical, a company which provides in-home healthcare services.