• Funds raised from LeapFrog Investments will support Marengo to expand its network of high-quality multi-specialty hospitals

Marengo Asia Hospitals (“Marengo”), a scaled multi-specialty hospital platform delivering advanced care to India’s fast-growing regions, has raised $40 million in growth capital from LeapFrog Investments, the pioneering profit-with-purpose investment firm. The investment will support Marengo’s expansion and deepen access to quality specialist healthcare across India’s Tier I and Tier II cities.

Established in 2021, Marengo Asia Hospitals has grown through a focused buy-and-build strategy, acquiring established regional hospitals and strengthening their clinical and operating capabilities. The Company operates five hospitals in India and has a strategic partnership in Saudi Arabia, with approximately 2,000 beds, serving more than 900,000 patients annually. It has a market-leading presence across Gujarat and a growing footprint in Delhi National Capital Region (NCR), with advanced capabilities across high-acuity specialties including cardiology, oncology, neurology, gastroenterology, orthopaedics, and renal care and transplants.

Clinical quality sits at the heart of Marengo Asia Hospitals. All hospitals in India are accredited by India’s National Accreditation Board for Hospitals & Healthcare Providers (NABH), and its flagship Ahmedabad hospital is also accredited by Joint Commission International (JCI). Funds raised will support Marengo as it deepens its presence in existing markets, expands into adjacent geographies and continues investing in medical technology, Centres of Excellence and patient experience.

India’s healthcare needs are rising rapidly. Non-communicable diseases (NCDs) such as cardiovascular disease, cancer and diabetes account for 66% of deaths nationally, driving demand for specialist care. Yet India has only 1.5 hospital beds per 1,000 people, around 55% below the global average, with the gap particularly acute in Tier II cities and beyond. Patients outside major metro areas have historically had significantly less access to tertiary care, forcing many with complex conditions to travel to larger cities for treatment, adding cost, delay and strain for families already managing serious illness.

Marengo Asia Hospitals is helping address this gap by expanding access to high-quality, specialised healthcare across Tier I and Tier II cities of West and North India. The Company acquires established standalone or regional hospitals and strengthens them through investment in medical technology, specialist recruitment, clinical pathways, governance and Centres of Excellence. Marengo’s specialty mix, including cardiac sciences and oncology, directly addresses the leading NCD-related causes of Disability-Adjusted Life Years (DALYs) in India.

Biju Mohandas, Partner and Global Healthcare Lead at LeapFrog Investments, said: “Close on the heels of our recent investments in GCMC, a leading hospital chain in the Philippines, and Pharmacity, Vietnam’s second-largest pharmacy retailer, our partnership with Marengo reinforces LeapFrog’s commitment to building high-quality healthcare platforms across Asia and Africa. Marengo has demonstrated that world-class clinical care can be delivered at scale in rapidly growing Tier II cities and beyond. We are excited to partner with Dr Raajiv Singhal, the Marengo team and Samara Capital to accelerate Marengo’s next phase of growth.”

Abhishek Kabra, MD at Samara Capital and Chairman at Marengo Asia Hospitals, said: “Driven by our unwavering focus on clinical excellence and a patient-first philosophy, Marengo Asia Hospitals has, in just five years, emerged as a leading healthcare provider in the regions where we operate. LeapFrog’s investment is a strong endorsement of the platform we have built and the potential for its next phase of growth. The proceeds will be used to consolidate our leadership in our existing markets while enabling us to expand into new geographies. We aim to double our hospital bed capacity to 4,000 beds over the next two years, further strengthening our ability to deliver high-quality, accessible healthcare.”

Marengo Asia Hospitals was advised by Avendus Capital on this transaction.

Marengo Asia Hospitals is a multi-specialty hospital network operating five hospital facilities across the Delhi National Capital Region and Gujarat, and one strategic partnership in Saudi Arabia. The Company has approximately 2,000 beds serving over 900,000 patients annually. Built through a strategic aggregation model since 2021, the platform is backed by Samara Capital and the family offices of the Godrej and Havells groups. Marengo is focused on delivering accessible, high-quality, technology-enabled tertiary and quaternary healthcare across India and selected geographies in Asia.

Founded in 2007, Samara Capital is a leading homegrown, mid-market-focused private equity firm. With more than INR 12,000 crore invested across a diversified portfolio of over 30 companies, Samara Capital is distinguished by its commitment to partnering with entrepreneurs and management teams to unlock the full potential of businesses and deliver compelling risk-adjusted returns.

Led by a seasoned and cohesive team, Samara Capital follows a rigorous, research-driven investment approach, with a focus on sectors such as consumer and retail, healthcare and pharmaceuticals, financial services, and business services and technology. The firm’s structured operational excellence framework is designed to accelerate growth, enhance performance, and drive sustainable business transformation.

LeapFrog is the pioneer of Profit with Purpose investing. Founded in 2007, its team has backed and built high-growth companies delivering healthcare, financial services and climate solutions that operate across 37 countries. Today, LeapFrog companies reach 622 million people with essential services and grow on average at 22% a year. They also finance or protect 33 million emerging enterprises and support 81 million jobs. Through its private equity funds, LeapFrog has raised billions of dollars from institutional investors worldwide and co-created industry champions across global growth markets. The firm has played a foundational role in what is now the $1.6 trillion impact investing industry, collaboratively creating global organisations and standards. LeapFrog was ranked, alongside Apple and Novartis, by Fortune as one of the top five Companies to Change the World.