NewQuest Capital Partners, a private value (PE) firm focused on developing markets, has obtained a minority stake in maternity facility Kids Clinic India Pvt Limited which operates Cloudnine chain of hospitals.
NewQuest has made its investment in Cloudnine from its fourth flagship reserve, which closed in late 2019 with US$1 billion of commitments.
The investment in Cloudnine is NewQuest’s third investment in India in the last six months.
Nonetheless, the arrangement size and the selling shareholders were not disclosed.
But existing investor Matrix Parnters has been hoping to leave its shares since 2017.
Genuine North also owns stake in Kids Clinic.
The arrangement is a combination of essential investment and acquisition of shares from other investors.
Cloudnine is headquartered in Bengaluru with 16 facilities spread across Gurgaon, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune.
“Cloudnine is an outstanding medical care supplier with a focus on offering top notch types of assistance in the ladies and childcare segment. We believe that the medical services segment is on the cusp of high development and Cloudnine is very much positioned to consolidate its market driving position,” Amit Gupta, partner and head of India and Southeast Asia at NewQuest, said.
NewQuest’s other ongoing investments in India incorporate Cosmos-Maya and KreditBee.
Private value firm TPG obtained a larger part stake in New Quest recently.
New Quest’s understanding of the medical care sector and ability to give long haul strategic capital make them an optimal partner for Cloudnine, Rohit MA, prime supporter and managing director at Cloudnine, said.
“We will be investigating strategic opportunities to build our ability particularly in disruptive customer services and clinical technologies to improve the general customer experience,” he added.
Kishore Kumar, author chairman and neonatologist at Cloudnine said that New Quest investment would assist the firm with technological progression.
“Our partnership with NewQuest will strengthen our ability in giving exceptionally specialized maternal, childcare and richness care for our customers,” Raviganesh Venkataraman, CEO at Cloudnine, said.
