Cloudnine scouts for acquisitions in metros

Cloudnine Hospitals, the Bangalore-based hospital chain focussing on maternity care, is looking to raise Rs 100 crore as part of its expansion plans. The company which has two hospitals, is looking to expand into Mumbai, Chennai and Hyderabad through the inorganic route. Cloudnine is a venture of Kids Clinic (Bangalore) Pvt Ltd, owned by Dr Kishore, and Scrips N Scrolls India, a company into property development and investments.

Kids Clinic Bangalore Pvt Ltd had raised Rs 45 crore in its first round of institutional funding from Matrix Partners about one year ago. The funds raised will be used for increasing its footprint in Bangalore with three new facilities and also plans to expand into other metros.

“In the metros we are looking at brownfield projects for our expansion,” said M A Rohit, Director, Cloudnine. As part of its expansion, it is also targetting tier II cities. But, in the case of the small towns, it needs greenfield projects. In Mysore, it’s in the process of setting up a greenfield project, while a third hospital is being planned in Bangalore.