Liquidity Events
True North seeks exit from maternity hospital chain Cloudnine during $300-M fundraise
Private equity firm True North is planning to sell its stake in the Bengaluru-based maternity and child healthcare chain Cloudnine Hospitals . The exit is being pursued as the company prepares to raise between $250-300-M in a new funding round, which will include both primary and secondary share sales. Allegro Capital is acting as the advisor to the transaction.Founded in 2006 by R Kishore Kumar, Rohit M.A., M. Ramachandra, and Vidya Kumar, Cloudnine operates a network of 40 super-speciality hospitals across 13 cities, providing services in fertility, maternity care, gynaecology, paediatrics, neonatology, and stem cell banking.The firm intends to allocate about $150-M of the newly raised proceeds toward international expansion, with a focus on the Middle East.The company has concluded a pact to acquire the maternity, childcare, and fertility businesses of Apollo Health & Lifestyle in a cash-and-stock deal valued at roughly $160-M. In FY25, Cloudnine recorded operating revenue of Rs.1,485.6-Cr, compared to Rs.1,187.7-Cr in FY24.
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