Marengo Asia Hospitals is preparing to raise ₹500 crore by selling a 10% stake to external investors. According to sources familiar with the development, the hospital chain has already circulated an information memorandum detailing its financials to select investors, including sovereign wealth funds, pension funds, and specialised healthcare investors.
Strategic Move to Establish Valuation Benchmark
So far, the founding investors have funded Marengo Asia Hospitals through internal capital. However, they are now seeking to establish a market-driven valuation benchmark by bringing in an external investor. To facilitate this process, the company has engaged Avendus Capital as its financial advisor. As a result, the ongoing fundraise could value the hospital chain at approximately ₹5,000 crore.
Financial Performance and Operational Scale
Meanwhile, Marengo Asia Hospitals reported a revenue of ₹1,200 crore for the financial year 2025–26. Currently, it operates eight hospitals across the National Capital Region, Gujarat, Rajasthan, and Saudi Arabia, with a total capacity of around 2,500 beds.
Growth Through an Aggregation Model
As reported by mnacritique.mergersindia, the company has consistently expanded through an aggregation-led strategy. Initially, in October 2020, Samara Capital partnered with the Godrej and Havells promoter families to establish the platform. Soon after, they brought an existing hospital in Faridabad into the network and rebranded it as QRG Hospital (Qimat Rai Gupta Hospital), in honour of the Havells founder.
Subsequently, the company integrated CIMS Hospital in Ahmedabad into its network. Over time, it further strengthened its footprint through a series of bolt-on acquisitions.
Recent Acquisitions and Expansion Plans
For instance, Marengo Asia Hospitals acquired Sunshine Global Hospitals, which operates facilities in Surat and Vadodara, last year. In addition, it entered into a strategic partnership with Metis-Medicity Hospital in Varanasi. Earlier, the company had acquired W Pratiksha Hospital in Gurugram.
Looking ahead, Marengo Asia Hospitals has earmarked additional funds to pursue acquisitions in Rajasthan and Maharashtra, thereby continuing its expansion trajectory.