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Tatva & Luthra birth $16m Sequoia, Matrix PE investment into Cloudnine

Tatva Legal advised Bangalore-based post natal clinic Cloudnine in raising Rs 100 crore ($16m) from Sequoia Capital and Matrix Partners. Sequoia was advised by Luthra & Luthra.

Tatva Bangalore partner Manav Nagaraj and senior associate Bhargava KS acted for Cloudnine, which is owned by Kids Clinic India and had its second round of funding.

Luthra Mumbai partner Bikash Jhawar and associate Aastha Suman acted for Sequoia which led the funding.

Matrix Partners had in 2011 already invested Rs 45 crore in Cloudnine, reported VCCircle, adding that Cloudnine plans to invest Rs 350 to 400 crore to build 15 hospitals in India in the next three years.

A total of 46 private equity deals in the healthcare industry in 2013 have added up to Rs 3,704 crore year-to-date, compared to over Rs 7,311 crore across 54 deals last year, according to research firm Venture Intelligence’s data that was reported by the Economic Times.

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