LeapFrog Investments, an investment fund has acquired a majority stake in Ascent Meditech, Mumbai-based medical products company. However, the amount is still undisclosed.
Through this acquisition, LeapFrog looks to tap the $100 billion Indian healthcare market.
Ascent owns the brands ‘Flamingo’ manufactures and distributes orthopedic soft goods wound care and mobility aid. Taping the market of over 200 million people India, 80 per cent of the products are purchased for treatment of orthopedic disorders.
“We see a huge opportunity for LeapFrog to partner with the management team (of Ascent) to increase production and distribution of Ascent’s products, including the flagship Flamingo brand, in India, Asia, Africa, and the Middle East,” said Felix Olale, global co-lead, Leapfrog.
“Ascent Meditech will benefit from LeapFrog’s extensive network, helping the company through the next phase of growth,” said Rajiv Mistry, chief executive, Ascent Meditech.
It is to be noted that Ascent sold 15 million products in 2017, through 1, 50,000 retail pharmacy points spread across 12 states in India. Ascent also exports products to countries in Africa, Asia, and the Middle East.