INDIA – Cloudnine, an Indian premium birthing center, has announced the appointment of three new independent directors to its Board of Directors.

Nupur Garg, a leading investor in private equity and venture capital and the founder of WinPE, Lizzie Chapman, an entrepreneur who pioneered Buy Now, Pay Later in India and the CEO & Co-Founder of ZestMoney join the board of directors.

Also, Parthasarathy VS, Vice Chairman & Non-Executive, Non-Independent Director on the Board of Allcargo Logistics and Independent Director with LIC of India and mentor to several start-ups, will join the Board.

These appointments come into effect from January 2022.

Following these appointments, the Board will have nine directors, three of whom are independent, three of whom are Executive Directors, and three of whom are Non-Executive Directors.

Following these appointments, the board will comprise nine directors, three of whom are independent directors, three are Executive Directors and three are Non-Executive Directors.

Dr R Kishore Kumar, Founder & Executive Director, Cloudnine, said, “We are pleased to welcome Nupur, Lizzie and Parthasarathy as our newly appointed independent directors to Cloudnine’s board.

They join Cloudnine at an exciting time as we continue to expand our mission of delivering healthy mothers and happy babies across India and continue to build deeper relationships with customers by fulfilling our purpose of delivering their bundle of joys with our core philosophies of clinical excellence, comprehensive care and celebration.”

Raviganesh Venkataraman, CEO and Executive Director, Cloudnine, said, “We are pleased to welcome the newly appointed independent directors to our board. With their proven leadership across industries and experience, we are confident that Cloudnine will immensely benefit from their expertise and knowledge to the Board as well as executive management experience in innovation, strategic planning, execution, governance, finance, and service.”

Besides the newly appointed independent directors, other members of the board are Dr R Kishore Kumar, Founder & Executive Director, Rohit MA, Co-Founder & Executive Director, Satish Chander, Non-executive Director, Nitin Agarwal, Non-Executive Director, Bharat Singh, Non-Executive Director, Raviganesh, CEO & Executive Director.

Earlier on, Cloudnine brand had filed its draft red herring prospectus (DRHP) for its 1,200 crores (US$159.8 million) initial public offering (IPO).

The issue, which has a face value of 5 per equity share, consists of a fresh issue of equity shares worth up to 300 crore (US$40 million)and an offer-for-sale (OFS) by existing shareholders of up to 13, 293,514 equity shares.

The firm intends to raise Rs. 1,200 crores (US$159.8 million). Among the key shareholders selling in the IPO are Dr. Kishore Kumar Rajagopal, Scrips ‘N’ Scrolls India Private Limited, True North Fund V LLP, Indium V (Mauritius) Holdings Limited, and Sequoia Capital Investment.

The offer includes a subscription reservation for eligible employees.

The company intends to use 95 crore (US$12.7 million) for the repayment or prepayment of borrowings, in full or in part, of all or certain borrowings, 117.90 crore (US$ 15.7 million) for the establishment of seven new Mother and Baby centres over the next few years, 12.71 crore (US$ 1.7 million) for the acquisition of a 49 percent stake in its subsidiary, Acquity Labs, and 12.71 crore (US$1.7 million) for general corporate purposes.

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