Ascent Meditech Aims to Tap the $100B Indian Healthcare Market with Funding from LeapFrog Investments
LeapFrog Investments, the leading investor in companies that deliver healthcare and financial services for emerging consumers, has acquired a majority stake in Mumbai-based Ascent Meditech, the health company behind the market-leading Flamingo brand. The company's products are currently sold to seven million customers.
Over 80% of Ascent products are purchased for treatment for orthopaedic disorders, which affect over 200 million people in India. Founded in 1991 by Rajiv Mistry, Ascent sold 15 million products to Indians in 2017 via 150,000 retail pharmacy points across 12 Indian states. Ascent products are also exported to countries in Africa, Asia and the Middle East.
Felix Olale, Partner and Global Co-Lead for Health Investments at LeapFrog, said, "We see a huge opportunity for LeapFrog to partner with an outstanding management team to increase production and distribution of Ascent's quality and trusted products, including the flagship Flamingo brand, in India, Asia, Africa, and the Middle East."
LeapFrog will leverage its deep expertise in healthcare and emerging consumer insights to support Ascent's growth plans. The investment firm will also utilise its consumer insights to develop additional consumer-focused products, and expand Ascent's presence in sub-Saharan Africa and Southeast Asia.
Rajiv Mistry, CEO at Ascent Meditech, said, "Ascent Meditech will benefit greatly from LeapFrog's extensive network, helping the company through the next phase of growth and increasing awareness of the importance of serving the underserved in one of the largest global healthcare markets."
LeapFrog, which has had over $1 billion of capital invested since its inception in 2007, invests $10-50 million for majority or influential minority stakes in growing companies that address the needs of emerging consumers. It has recently conducted six full and partial exits from key Indian brands including Mahindra Insurance Brokers, Magma Fincorp, and Northern Arc (formerly IFMR Capital).
