LeapFrog Investments, a private equity investment firm has acquired a majority stake in Mumbai-based Ascent Meditech, medical products company. The details of the deal remain undisclosed.
With the recent investment, LeapFrog is looking to tap into the fast-growing $100 billion healthcare market in India.
Rajiv Mistry, Chief Executive Officer, 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”.
Ascent Meditech, a leader in the consumer healthcare products was founded by Rajiv Mistry in 1991. It is focused at serving the patients suffering from orthopedic disorders by providing a wide array of products for its patients including orthopedic soft goods for cervical, chest, knee, back, ankle, foot, along with mobility aids and wound care products.
It’s flagship brand of products, FLAMINGO sells in over 44 countries across the globe, mainly in Middle-East, Africa, and South East Asia. The company has sold 15 million products in FY17 and sold in 150,000 retail pharmacies in India.
Currently, orthopedic ailments affect over 20 crore people in India. People over the age of 60 constitute 8% of the Indian population today, this number is set to reach 19% by 2050. More than 80% of Ascent products go towards the treatment of orthopedic disorders. This places Ascent in a good position with its huge network to serve the growing elderly population with their orthopedic needs.
LeapFrog’s investments are mostly focused in Africa and Asia in the healthcare and fintech domain. It has investments in over 149 markets, serving over 13 crore people in the healthcare and financial services.
LeapFrog can leverage its expertise in the domain and emerging consumer insights to help Ascent’s growth plan and create value for its patients. LeapFrog can use its insights to help develop more consumer-centric products and expand in the African and Asian markets through its vast network.