LeapFrog Investments plans to invest $80 million to $100 million in India's healthcare sector over the next two years.
The firm is looking at hospitals outside major cities and specialty care in maternal health, ophthalmology and oncology, along with an asset-light single-specialty provider.
India's healthcare sector, valued at about $180 billion in 2023, is projected to reach $320 billion by 2028.
Global private equity firm LeapFrog Investments plans to invest between $80 million and $100 million in India's healthcare sector over the next two years, according to a Reuters report. The London-based firm is looking to tap into rising demand for medical services in the country.
Wider insurance coverage and growing use of diagnostics and preventive care, in a country with high rates of chronic disease, have pushed up healthcare spending. Government data shows India's healthcare sector was valued at around $180 billion in 2023 and is expected to grow to $320 billion by 2028.
1 August 2026
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Between 2022 and 2024, the healthcare and pharmaceutical sector recorded 594 M&A and private equity deals worth more than $30 billion, according to Grant Thornton Bharat and the Association of Healthcare Providers India. KKR's recent deal to acquire Medicover Hospital's India business for 1.2 billion euros, or $1.4 billion, is among the latest such transactions.
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Biju Mohandas, LeapFrog's global head and partner for healthcare, told Reuters the firm is evaluating an investment in an asset-light, single-specialty healthcare provider, without giving further details. It is also looking at hospitals serving patients outside major cities, along with specialty care providers in maternal and child health, ophthalmology and oncology.
Mohandas reportedly said the firm's investment approach rests on "growing insurance penetration and significant disposable income with the ability to afford quality healthcare."
LeapFrog's current investments in India include diagnostics provider Redcliffe Labs and digital health platform Healthify. The firm is also exploring opportunities in the pharmaceutical and medical equipment sectors, Mohandas said.
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LeapFrog is investing from an $808 million fund and related co-investment vehicles, giving it more than $1 billion to deploy across Asia and Africa. Mohandas said the firm has already deployed a large share of this capital, including recent investments in the Philippines and Vietnam, but sees strong potential for further deployment in India.
