New Delhi, June 15 -- Marengo Asia Healthcare Pvt Ltd, the multi-speciality hospital platform formed by private equity firm Samara Capital and two family offices, has drawn interest from more potential investors after kicking off a fundraising round earlier this year, two people aware of the developments told VCCircle.

The hospital operator, which is also looking for acquisition opportunities, is likely to raise $25-30 million (Rs 237-283 crore) in the new round, one of the persons said, asking not to be identified.

VCCircle first reported in February that the hospital chain was discussing acquiring more assets to widen its network in western and northern India, and that it intended to raise around Rs 250-300 crore to fund the acquisitions.

Earlier this month, the Mint newspaper-owned by the parent of this website-reported that Marengo was looking to sell a 10% stake for Rs 400-500 crore and that International Finance Corporation, private equity firm LeapFrog and the Indian government-backed National Investment and Infrastructure Fund (NIIF) were among the potential investors. However, the person cited above told VCCircle the company intends to raise a lower amount.

Also, Marengo is in talks with IFC and Leapfrog as well as multistage investment firm Norwest Venture Partners and Kotak Alternate Asset Managers, the people said.

Marengo Asia, Leapfrog, IFC and Norwest did not reply to VCCircle's queries. Kotak Alts declined to comment.

The company's biggest shareholder currently is Samara, which owns almost 46%. The family offices of electrical products maker Havells and the diversified Godrej Group each own 19-20%. The three investors have deployed a total of more than Rs 1,100 crore in Marengo since 2021, VCCircle previously reported

Marengo Asia has a network of seven hospitals with a capacity of over 1,800 beds, employing over 720 doctors. By FY27, Marengo aims to add 1,000 beds through organic and inorganic routes.

Last year, the company acquired a majority stake in Sunshine Global Hospital to add 350 beds across Surat and Vadodara in Gujarat. Earlier this year, VCCircle reported that it was looking to acquire a controlling stake in a 250-bed hospital in Gujarat, which could make it one of the largest hospital chains in the state. It is also likely to add a hospital in Punjab and two more in Uttar Pradesh's Varanasi, each having a capacity of over 200 beds.

Marengo's consolidated revenue from operations in 2024-25 rose 17% to Rs 811 crore. Revenue has jumped more than five times from Rs 154 crore in FY22, its first year of operations. The company's consolidated EBITDA fell a tad to Rs 46.21 crore in FY25, but its net loss shrank to Rs 19.63 crore from Rs 34.23 crore the year before.

Published by HT Digital Content Services with permission from VC Circle.