Singapore’s Temasek Holdings is reportedly on the verge of acquiring an 18-20% stake in Cloudnine Hospitals from Peak XV. This deal has been in the works for over a year and a half and is expected to value the specialised mother and baby care hospital network at $600 million.

The transaction includes both a small primary round that took place earlier this year and the impending purchase of Peak XV’s shares.

This sale will signify Peak XV’s exit from Cloudnine after 11 years. The hospital network raised $16 million in 2013 through a funding round led by Sequoia Capital, which has since rebranded as Peak XV.

Cloudnine is reorganising its capital structure in preparation for a public listing, which is expected next year. This will be its second attempt at going public after filing a draft prospectus for a ₹1,200 crore IPO in 2022.

Cloudnine secured ₹359 crore from Temasek and TPG Newquest in a primary round during the March quarter. According to an ICRA report, Cloudnine’s consolidated revenue rose by 26.3% to ₹946.7 crore during the first nine months of FY24. The company is set to spend around ₹280-300 crore on capital expenditure in FY2025.

Also Read: Everything You Need to Know about Health Insurance Portability

Founded in 2006 by Dr. R Kishore Kumar, Rohit M.A., M Ramachandra, and Vidya Kumar, Cloudnine operates a network of super-speciality hospitals across India, focusing on mother and baby care, including fertility, maternity services, gynaecology, paediatrics, neonatology, baby care, and stem cell banking. The chain currently has 34 centres in cities such as Bengaluru, Delhi, Mumbai, Chennai, Gurgaon, Ludhiana, and Chandigarh, with plans for further expansion in metro and tier-I cities.

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