Matrix commits $9.9m to Kids Clinic India's Series A round
Matrix Partners India has committed INR450 million ($9.9 million) as the sole institutional investor in Kids Clinic India Private Limited, a Bangalore-based provider of maternity and infant care services. The immediate goal is to enlarge the company’s footprint in Bangalore, with plans for three new facilities, but ultimately Matrix wants to support expansion into other cities.
Kids Clinic claims to have delivered more than 6,000 babies since its inception in 2007. Working from two facilities under the "cloudnine" brand, the company also offers a range of gynecological and neonatal care services. It formerly operated under the name "The Cradle." Kids Clinic has branched out into fertility services under the "Sure Fertility" brand.
"Specialty healthcare services are an important focus area for Matrix as they satisfy a growing demand for Indian consumers whose disposable incomes and awareness of quality care are on the rise, and we believe cloudnine and Sure Fertility can capture a large share of the growing demand for quality maternity and infant care in India," Avnish Bajaj, co-founder and managing director of Matrix India, said in a statement.
Matrix Partners India has INR30 billion under management and targets early stage companies, investing up to INR1.5 billion in a single enterprise. In May, it closed its second India fund, Matrix Partners India II, at $300 million. Portfolio companies include non-banking finance company Muthoot Finance, microfinance institution BSFL/BASIX and education provider Tree House. In the healthcare space, it has previously invested in eye care chain Center for Sight.
Indian healthcare has proved popular with private equity players. Last week, e-hospital MediAngels, which opened for business earlier this year, said it was in talks with several investors over a $10 million capital injection. It has previously received funding from HDFC PE. In June, affordable healthcare provider Vaatsalya Healthcare raised $10 million in Series C funding from Singapore's Aquarius India Fund and Seedfund.
At the other end of the scale, Warburg Pincus and TPG were in June said to be in talks with Vasan Healthcare, which operates 45 eye care hospitals, over a potential $100 million investment. Also in June, Goldman Sachs was reported to have acquired a 9.4% stake in insurer and hospital operator Max India for $115 million. Max India subsequently said it had offered to pay INR1.4 billion for Warburg Pincus' 16.37% holding in its subsidiary, Max Healthcare.
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