Photograph_Marengo Asia Hospitals

Marengo Asia Hospitals

Delivering advanced multi-specialty care

Industry:

Healthcare

Region:

India

Website:

marengoasiahospitals.com

6 0

Hospitals

2,000 0

Beds

903,000 0

Patients served annually

Marengo Asia Hospitals expands access to complex high-acuity specialist care in India’s underserved cities by building a regional network of multi-speciality hospitals with deep clinical specialisation. Its model brings advanced care closer to patients, reducing travel, and treatment delays, while leveraging government schemes to broaden access.

The Challenge

Millions of Indians still lack timely access to the high-quality specialist care needed to treat an increasingly complex burden of chronic disease.

India’s healthcare needs are rising rapidly. The population aged 60+ is expected to reach 193 million by 2030, while non-communicable diseases (NCDs) such as cardiovascular disease, cancer and diabetes account for 66% of deaths nationally.1,2 These conditions often require sophisticated diagnostics, specialist physicians and tertiary or quaternary hospital care rather than basic primary treatment. For cancer alone, 70% of cases are diagnosed at Stage III or IV, when treatment is more limited, costly and less effective.3

Despite rising demand, healthcare capacity has not kept pace. India has only 1.5 hospital beds per 1,000 people, around 55% below the global average, alongside material shortages of clinical talent.4 The gap is particularly acute in Tier II and Tier III cities which have historically had significantly less tertiary-care capacity. This imbalance forces many patients with complex conditions to travel to larger cities for treatment, increasing the risk of delayed care while adding transport, accommodation, caregiving and lost-income costs for households.

The shortage extends to quality specialist capacity. Complex care requires experienced clinical teams, advanced medical technology, robust clinical governance and sufficient patient volumes to sustain specialised Centres of Excellence. Standalone regional hospitals can struggle to assemble these capabilities at scale, while building new greenfield hospitals requires significant capital and long development periods.

Government health schemes are also enabling more lower-income households to access private hospital care. At Marengo Asia Hospitals Surat and Vadodara hospitals, 38% of patient volumes are funded through government schemes.

Addressing this structural gap represents both a significant social need and a compelling commercial opportunity: expanding high-quality specialist hospital capacity closer to underserved populations can improve health outcomes and reduce the burden of accessing care.

marengo.2
marengo.2

1 Assessment of healthcare delivery in India, Crisl Intelligence (2026), S&P Global | 2 World Health Organisation NCD Data Portal | 3 JCO Global Oncology, https://ascopubs.org/doi/10.1200/GO.22.00405
4 Assessment of healthcare delivery in India, Crisl Intelligence (2026), S&P Global

Marengo’s Solution

Marengo Asia Hospitals addresses the specialist care gap by acquiring established regional hospitals and upgrading them, creating a scaled network delivering high-quality specialist care closer to patients.

The Company has scaled through a buy-and-build model, complemented by strategic partnerships with smaller regional providers. Rather than relying solely on long-gestation greenfield development, Marengo Asia Hospitals acquires established hospitals and strengthens them through medical technology, specialist recruitment, clinical pathways, governance and Centres of Excellence.

Marengo Asia Hospitals is the only scaled hospital platform focused on Western India, with strong brand equity, patient trust and deep catchment coverage in Gujarat, alongside a growing presence in Delhi National Capital Region (NCR).

Clinical quality is a core differentiator. Marengo Asia Hospitals has deep capabilities via established Centres of Excellence across high-acuity specialities including cardiac sciences, oncology, neurosciences, orthopaedics and transplants. These specialities enable complex procedures and lead to superior patient outcomes. All Indian hospitals are NABH accredited, while the flagship Ahmedabad hospital is also JCI accredited, placing the platform among a small group of internationally accredited providers in India.5

Its regional network allows anchor hospitals to serve surrounding catchments, while Strategic Management Partnerships extend Marengo Asia Hospitals’ expertise into additional markets. The platform has also developed international clinical corridors, attracting Medical Value Tourism patients from South Asia, Africa and the Middle East.

As of FY26, Marengo Asia Hospitals operates 2,000 beds and serves 903,000 unique patients annually, including 249,000 Emerging Consumers. The group has plans to expand into new geographies in India, expand scale by adding new beds, ramping up occupancy and emerge as one of the largest multi-speciality hospital platforms by 2030.

Marengo Asia Hospitals _MAP
Marengo Asia Hospitals _MAP

5 NABH – National Accreditation Board for Hospitals and Healthcare Providers; JCI – Joint Commission International

LeapFrog’s Impact

LeapFrog Investments brings relevant emerging-market healthcare experience and networks that can help Marengo Asia Hospitals scale its regional platform.

LeapFrog will work closely with Marengo Asia Hospitals and existing investor, Samara Capital, to accelerate growth, strengthen organisational capabilities and deepen the Company’s impact. A key priority will be supporting continued M&A and capacity expansion in existing and adjacent markets, alongside disciplined investment in medical technology and Centres of Excellence.

LeapFrog will also support Marengo Asia Hospitals’ international clinical corridors and Medical Value Tourism strategy, leveraging its healthcare networks across South Asia and Africa to expand patient access to globally accredited specialist treatment.

Operationally, LeapFrog will support margin improvement and patient experience, including procurement efficiencies, doctor-cost leverage and improved inpatient-to-outpatient service conversion. This will be complemented by support on governance and talent, including strengthening the senior leadership bench and expanding equity-linked incentives for doctors and employees.

On impact, LeapFrog will support implementation of the Environmental and Social Action Plan and strengthen impact measurement across patient access, Emerging Consumer reach and quality outcomes. Finally, LeapFrog will support the company to build stronger governance, and enhance its reporting and relationships. Together, these initiatives are intended to help Marengo Asia Hospitals scale into the leading North and West India focused multi-speciality hospital platform while ensuring that growth translates into broader access to high-quality specialist healthcare.

Marengo Asia Hospitals_ Population Distribution

Learn more

Marengo Asia Hospitals is an investment by our Healthcare team. Learn more abour their work here.