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LeapFrog backs Indian healthcare company Ascent Meditech

ImpactAlpha, July 17 – India’s already over-taxed healthcare system faces a growing challenge: People over 60, who make up 8.5% of the population today, will represent 12.5% of the total by 2030 and 19% by 2050.

LeapFrog Investments has taken a majority stake in Ascent Meditech, which targets the country’s aging population with affordable consumer orthopaedic products, including bandages and mobility aids. Ascent’s products have been sold to seven million customers through 150,000 retail outlets and distributors in 44 countries. The deal’s financials were not disclosed.

LeapFrog, which is among only a handful of billion-dollar impact funds, is known as an emerging-markets financial services investor. The impact investment firm has been building up its healthcare portfolio, backing Goodlife Pharmacy in Kenya and Apollo, which offers low-cost insurance products, including health insurance, across East Africa.

LeapFrog’s first investment was in South African life insurance provider AllLife, which serves customers with diabetes and HIV.

LeapFrog founder Andrew Kuper built LeapFrog around an investment thesis focused on bringing financial and health services to the rising global middle class. LeapFrog’s portfolio companies currently serve 130 million people, 110 million of whom are part of the emerging middle class.

Kuper recently called on investors and financial services providers to reach the “bottom four billion” by 2030. The collective spending power of such consumers at that point is forecast to top $30 trillion.

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