PE-VC Fund Investments
Marengo Asia Hospitals attracts $40-M from LeapFrog Investments
Ahmedabad-based Marengo Asia Hospitals has raised USD 40 million in growth capital from LeapFrog Investments. Avendus Capital acted as the advisor to the transaction.Established in 2020, the company operates five hospitals and maintains a strategic partnership in Saudi Arabia. Marengo Asia plans to use the new funds to expand into new geographies and invest in medical technology, centres of excellence, and patient experience.The firm intends to double its hospital bed capacity to 4,000 beds over the next two years to address the demand for specialist care in tier I and tier II cities.In FY25, the company reported operating revenue of INR 811 crore, compared to INR 695 crore in the previous year. It reported revenue of INR 468 crore in the first six months of FY26.
In Oct 2021, Marengo Asia Healthcare had attracted about USD 103 M from Godrej Family Office, QRG, Samara Capital, and others.
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