Several leading global private equity investors, including Warburg Pincus, KKR, TPG Capital, Advent International, CVC Capital Partners, and Permira, along with domestic investment firm Kedaara Capital, are evaluating bids to acquire a 25% stake in Cloudnine, India’s largest maternity and pediatric healthcare chain, according to sources familiar with the matter.
The proposed transaction is expected to value the Bengaluru-headquartered hospital network at around ₹10,000 crore (approximately $1 billion). Investment bank Allegro Capital is overseeing the stake sale process, with initial bids likely to be submitted by the first week of July.
As part of the deal, existing investor True North is expected to fully exit its investment in Cloudnine. Other key shareholders, including Temasek and TPG Newquest, are likely to retain their stakes. Together, Temasek and TPG Newquest hold nearly 52% of the company, while the promoter group owns around 10%. The remaining shareholding is held through employee stock ownership plans (ESOPs).
Cloudnine had earlier explored raising between $200 million and $300 million at a valuation of $1 billion. True North first invested ₹400 crore in the company in 2015. Previous backers of the healthcare chain include Matrix Partners and Sequoia Capital.
While representatives of Permira and KKR declined to comment, True North, Warburg Pincus, Kedaara Capital, CVC Capital Partners, TPG Capital, and Advent International did not respond to requests for comment.
Founded in 2006 by neonatologist Dr. R. Kishore Kumar along with Rohit M.A., M. Ramachandra, and Vidya Kumar, Cloudnine has grown into a leading specialty healthcare provider. Sources said the company reported revenue of around ₹2,000 crore and EBITDA of ₹300 crore in FY26.