Marengo Asia Hospitals raises $40 mn from LeapFrog Investments

Mumbai: Multi-specialty hospital platform Marengo Asia Hospitals has raised $40 million in growth capital from LeapFrog Investments, the company said in a statement on Friday.

The company, which is looking to expand into tier I and tier II cities. has not disclosed the valuation details. Mint was the first to report on the round on 1 June.

The funds will help deepen Marengo's presence in existing markets, expand into adjacent geographies and invest further in medical technology, centres of excellence, and patient experience. Avendus Capital was the advisor on this transaction.

Marengo is backed by private equity firm Samara Capital and the family offices of the Godrej and Havells groups.

“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,” said Biju Mohandas, partner, and global healthcare lead at LeapFrog Investments.

Established in 2021, Marengo Asia Hospitals has grown through a buy-and-build strategy, acquiring established regional hospitals, and strengthening clinical and operating capabilities. The company operates five hospitals in India.

It also has a strategic partnership in Saudi Arabia, with about 2,000 beds and serving more than 900,000 patients annually. It has presence across Gujarat and a growing footprint in Delhi National Capital Region (NCR), with capabilities across high-acuity specialties including cardiology, oncology, neurology, gastroenterology, orthopedics, and renal care and transplants.

“The proceeds will be used to consolidate our leadership in our existing markets while enabling us to expand into new geographies," said Abhishek Kabra, MD at Samara Capital and chairman at Marengo Asia Hospitals. "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.”

The development comes as India’s healthcare needs rise 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, the company said.

The company acquired established standalone or regional hospitals and strengthened them through investment in medical technology, specialist recruitment, clinical pathways, and governance.

In October, the company acquired a 64% stake in Sunshine Global Hospitals.

In FY25, the company reported an operating revenue of ₹811 crore, up from ₹695 crore a year earlier. It reported a revenue of ₹468 crore in the first six months of FY26.