New Delhi: Marengo Asia Hospitals has raised ₹400 crore from LeapFrog Investments to expand its hospital network, the company said in a statement.
Marengo is backed by Samara Capital and the family offices of Godrej and Havells. “Our partnership with Marengo reinforces LeapFrog’s commitment to building high-quality healthcare platforms across Asia and Africa,” said Biju Mohandas, partner and global healthcare lead at LeapFrog Investments. The statement did not disclose details of the valuation.
ET had first reported on April 14 that Marengo was looking to raise ₹500 crore by selling a 10% stake at a valuation of ₹5,000 crore. The stake sale was expected to precede a potential initial public offering.
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.
The proceeds will be used to double bed capacity to more than 4,000 over the next two years, according to Samara Capital managing director Abhishek Kabra, who also serves as chairman of Marengo Asia Hospitals. The company was founded by former Indian Army surgeon Raajiv Singhal, whose experience in the private sector includes senior roles at Fortis Hospitals, Care Hospitals and Sakra Hospital.
