Marengo Asia raises ₹400-cr from LeapFrog Investments to double bed capacity
Marengo operates five hospitals in India and has a strategic partnership in Saudi Arabia. It has a capacity of 2,000 beds and operates facilities across the National Capital Region, Gujarat and Rajasthan. Its revenues are said to be in the ₹1,000-1,200 crore range.
New Delhi: Healthcare firm Marengo Asia Hospitals has secured ₹400 crore from LeapFrog Investments to bolster its hospital network, as per a company announcement. Backed by Samara Capital and the families of Godrej and Havells, LeapFrog's involvement underscores its dedication to establishing premium healthcare platforms across Asia and Africa, according to Biju Mohandas, LeapFrog's partner and global healthcare lead.
The terms of the financing, including valuation, were not disclosed in the statement. Reports from April 14 suggested Marengo aimed to raise ₹500 crore by selling a 10% stake at a valuation of ₹5,000 crore, with the capital raise potentially leading to an initial public offering. Marengo currently operates five hospitals in India, spanning the National Capital Region, Gujarat, and Rajasthan, with a bed capacity of 2,000.
Its annual revenues are estimated at ₹1,000-1,200 crore. The funds raised will be utilized to double bed capacity to over 4,000 within two years, as confirmed by Samara Capital's managing director and Marengo's chairman, Abhishek Kabra. The hospital chain was established by former Indian Army surgeon Raajiv Singhal, who has held senior positions at Fortis Hospitals, Care Hospitals, and Sakra Hospital.
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