Permira of London and TPG of San Francisco, California, have bought stakes in Cloudnine Hospitals, a maternity and child care chain based in Bengaluru, in southern India. Mint reported the $450 million deal on September 29, citing two people familiar with the matter, and said it values Cloudnine at $1.3 billion.
Who bought what
Permira bought the 25% stake held by True North, an India-focused private equity firm that first invested in Cloudnine in 2015, for $250 million. TPG bought the holding of TPG NewQuest, its wholly owned secondary investment platform for Asia-Pacific, through its buyout fund. Mint put that deal at $150 million to $180 million.
Both purchases are secondary transactions. The money goes to the sellers, and no new capital enters Cloudnine. The deal still needs regulatory approvals, and that Cloudnine will then prepare for a public listing on a horizon of twenty-four to thirty-six months.
Permira is a global investment firm that does private equity and credit investing, with healthcare among its focus sectors. TPG, founded in San Francisco in 1992, is a global alternative asset manager with $327 billion under management as of June 30, 2026.
What Cloudnine does
Cloudnine was founded in 2006 by R Kishore Kumar, Rohit M.A., M. Ramachandra and Vidya Kumar. Its hospitals care for mothers and babies, with services that include maternity, fertility, neonatal and pediatric care and stem cell banking. The company says on its website that it runs more than forty-seven centers in sixteen cities across India.
Earlier this year, Kids Clinic India Pvt Ltd, which operates Cloudnine Hospitals, agreed to buy the maternity, child care and fertility businesses of Apollo Health & Lifestyle in a cash-and-stock deal valued at $160 million, Mint reported. The May transaction with Apollo valued Cloudnine at ₹7,930 crore, or $825 million at current exchange rates. Mint noted that the new deal implies a significantly higher valuation.
Why it matters
Cloudnine is a single-specialty provider, and Mint cited a Bessemer Venture Partners report that expects India’s single-specialty hospital segment to grow from $4.4 billion in 2025 to $12.3 billion by 2030, nearly triple. The same report expects India’s healthcare provider market to grow by more than 10% to $95 billion over that period. For American healthcare and investment executives, the deal shows two Western firms paying for a share of a specialized hospital chain, with a public listing to be prepared once the sale closes.
