Mumbai: Marengo Asia Healthcare, the hospital platform backed by Samara Capital and the family offices of the Havells and Godrej groups, is seeking to raise ₹400-500 crore, with LeapFrog Investments, International Finance Corporation (IFC) and National Investment and Infrastructure Fund (NIIF) evaluating a minority stake in the company, three people aware of the discussions said.
The company will dilute close to 10% stake, the people said. Avendus Capital is advising Marengo on the fundraise, the people added.
“The company will use the proceeds to fund its next level growth phase, including inorganic growth plans and expanding its Gurgaon and Faridabad capacity,” one of the people cited above said. The deal will conclude in about 30-45 days, the second person said.
Marengo declined to comment on the fundraising plans but added that it became the largest player in Gujarat and western part of India.
“This year, our objective is to strengthen our presence in Delhi NCR by adding 1,000-1,500 beds and we also look at strategic opportunities in Punjab and Uttar Pradesh,” said Raajiv Singhal, founding member, group managing director & CEO of Marengo Asia Hospitals.
Leapfrog and Avendus also declined to comment. IFC and NIIF did not respond to Mint’s requests for a comment till the time of publishing.
Earlier this year, India Ratings highlighted that Marengo is likely to further consolidate its position as a multi‑regional healthcare platform, with operations across Ahmedabad, Faridabad and Gurugram and an expanding footprint in western India.
In October, the company acquired a 64% stake in Sunshine Global Hospitals, which will enable Marengo to scale up rapidly in the high‑growth Gujarat region. The acquisition will be funded through a mix of debt, equity, and internal accruals.
Bed capacity
Post-integration, the agency projects the consolidated bed capacity to cross 1,300, positioning the company for deeper penetration in western India and a stronger pan‑India presence, the credit rating agency said in a January report this year. It operates over 2,500 beds across eight multi-specialty hospitals.
Founded in 2020 by Singhal, Marengo was established and backed by Samara Capital as an integrated platform of multi-specialty hospitals across India with a focus on providing tertiary and quaternary care.
As of December 2025, Samara Capital Group held a 45.9% stake in Marengo, followed by family offices of Havells and Godrej Group that cumulatively hold 40.6%. The operations of the company and its subsidiaries are mainly managed by Samara Capital, which invests in healthcare companies with a relatively longer investment horizon.
The investment commitment by the three shareholders in phase I is worth ₹1,200 crore. During FY25, the promoters had infused ₹67.6 crore in the form of a rights issue and infused ₹20.8 crore during April-December to meet operational and growth requirements, India Ratings said in a report.
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, the credit rating report showed.
About 80% of revenue comes from cash-paying, insurance and international patients. While revenue concentration is spread across multiple specialties—including cardiology, neurology, orthopedics, gastroenterology, oncology, and transplants—the company’s margins are likely to remain stable and improve further in the current fiscal year.
Cardio sciences, the largest contributor, has steadily reduced to around 20% of revenue in 1HFY26 from 22% in FY25, reflecting an increasingly balanced specialty portfolio.
Broadly, the overall Indian healthcare market was about $80 billion in FY23 and is projected to grow at about 12% CAGR to reach roughly $320 billion over the next two years, Bain said in a report. In the multi-specialty space, Marengo competes with other prominent networks such as Apollo Hospitals, Manipal Hospitals, Medanta, and Fortis Healthcare.
