Global private equity firms TPG Capital and Permira have emerged as the leading contenders to acquire a significant minority stake in Cloudnine, India’s largest maternity and pediatric healthcare network, according to sources familiar with the development.
The proposed transaction is expected to value Cloudnine at nearly ₹11,000 crore (approximately $1.15 billion). The due diligence process has been completed, and binding offers are anticipated by mid-August.
The deal is expected to include the complete sale of the 25% stake currently held by private equity investor True North. Additionally, Cloudnine may issue fresh primary shares amounting to 5-10% of its equity, depending on the final valuation and future capital requirements.
The transaction would mark True North’s full exit from Cloudnine after more than a decade-long association. The investment firm first backed the company in 2015 with an infusion of ₹400 crore.
Current investors Temasek and TPG NewQuest, which together hold around 52% ownership in Cloudnine, are expected to continue as shareholders. The promoter group owns approximately 10%, while the remaining stake is distributed among ESOP holders and other investors.
Following its acquisition by TPG in 2021, NewQuest has operated as TPG’s Asia-focused secondaries and private credit platform. TPG Growth, another arm of the firm, also holds a minority investment in Motherhood Hospitals, India’s second-largest mother-and-child healthcare chain.
Several prominent global investment firms, including Warburg Pincus, KKR, Advent International, CVC Capital Partners, Permira, and domestic buyout firm Kedaara Capital, had previously shown interest in acquiring a stake in Cloudnine.
Founded in 2006 by neonatologist Dr. R. Kishore Kumar along with Rohit MA, M. Ramachandra, and Vidya Kumar, Bengaluru-based Cloudnine has become one of India’s most recognized maternity and pediatric healthcare brands. The network operated 40 centers across major Indian cities as of March 2025.
Cloudnine further strengthened its market position through the acquisition of Apollo Cradle and Apollo Fertility in May 2026. The deal expanded its network to over 55 centers nationwide, significantly enhancing its presence in maternity, fertility, neonatal, and pediatric healthcare services.
The acquisition, valued at approximately ₹1,550 crore, added Apollo Cradle’s strong presence in key markets such as Hyderabad, Bengaluru, Chennai, Delhi-NCR, and Punjab, while also bringing Apollo Fertility’s nationwide network of 20 IVF centers under Cloudnine’s umbrella.
For FY26, Cloudnine reported revenue of around ₹2,000 crore and EBITDA of nearly ₹300 crore, according to sources.
India’s mother-and-child healthcare market is currently estimated at about ₹30,000 crore and is projected to grow at a compound annual rate of 15% over the coming years.
Permira, headquartered in London, manages approximately €90 billion in committed capital across private equity and private credit investments. The firm focuses on sectors including healthcare, technology, consumer, and services. Its global healthcare portfolio includes investments such as Australia’s I-MED Radiology Network, one of the country’s largest diagnostic imaging providers.
Earlier this year, Permira entered the Indian market with a $100 million investment in business services and real estate platform SILA, signaling its long-term growth ambitions in the country.
