New Delhi: Marengo Asia Hospitals is looking to raise ₹500 crore by selling a 10% stake to external investors, said people in the know.
An information memorandum with details of the hospital chain’s financials was recently circulated to select investors including sovereign wealth funds, pension funds, and specialised healthcare investors, the people said.
The company is backed by homegrown private equity firm Samara Capital, the family office of the Godrej Group, and the family office of the promoters of Havells India.
The founding investors have capitalised Marengo Asia Hospitals through their own funds since inception and are now looking to ga valuation benchmark by roping in an external investor, the people said. Avendus Capital has been engaged to facilitate the stake sale, the people said. The fundraise could value Marengo Asia Hospitals at around ₹5,000 crore.
Marengo Asia Hospitals declined to comment.
The company recorded revenue of ₹1,200 crore in the financial year 2025-26. It operates eight hospitals across the National Capital Region, Gujarat, Rajasthan and Saudi Arabia, with a total capacity of 2,500 beds.
The hospital chain has been built through an aggregation model after an initial agreement was reached in October 2020 between the founding investors-Samara Capital, and the Godrej and Havells India promoter families.
They co-opted an existing hospital in NCR’s Faridabad, rebranding it as QRG Hospital or Qimat Rai Gupta Hospital-named after the Havells founder-into the Marengo Asia network. Subsequently, CIMS Hospital in Ahmedabad was also co-opted into the network.
Eventually through bolt-on acquisitions, the three co-investors added more hospitals into the network. Marengo Asia acquired Sunshine Global Hospitals with facilities in Surat and Vadodara last year, besides entering into a strategic tie-up with Varanasi-based Metis-Medicity hospital.
Earlier acquisitions include that of W Pratiksha Hospital in Gurugram. It has also earmarked funds for acquisitions in Rajasthan and Maharashtra.
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