Flagship Health & Wealth Strategy

In 2024, LeapFrog closed its largest fund yet — $1.02 billion raised for Flagship Fund IV - making it the largest social impact private equity fund of the year according to New Private Markets analysis.

The capital will power high-impact healthcare and financial services businesses across LeapFrog’s markets. Backed by strong re-ups and new investors from Singapore, China, Japan, Austria, Norway, Oman, and Turkey, Fund IV deepens LeapFrog’s global network and accelerates the momentum of Profit with Purpose on the world stage.Learn more here

Climate Investment Strategy

LeapFrog’s Climate Investment Strategy gained major momentum in 2024. The EIB, IFC, and Temasek joined as partners to support companies delivering development solutions with green benefits in emerging markets. markets. 

The climate team doubled in size and welcomed global leaders Mike Berners-Lee and Damilola Ogunbiyi to its advisory board. LeapFrog also released landmark reports with industry partners, spotlighting climate-smart opportunities in emerging markets — including electric mobility in Asia — to catalyse investment in high-impact, low-carbon sectors.Learn more here

1. According to New Private Markets analysis, 2025

LeapFrog’s healthcare team focuses on growth trends reshaping health systems across Asia and Africa.

With rapid urbanisation and the rise of non-communicable diseases, emerging consumers are living longer but spending up to a decade in poor health. This creates urgent demand for affordable prevention, detection, and treatment solutions. Our healthcare team partners with exceptional management teams and entrepreneurs building innovative, scalable models that address these systemic challenges.

Spotlight: Expanding access to quality care

Goodlife PharmacyLeapFrog has helped scale Goodlife’s operations tenfold — from 14 stores at investment to approximately 145 across Kenya and Uganda by December 2024. A key driver of this growth has been strategy and technology improvements implemented by our healthcare team, which have halved the capex required for new stores and cut breakeven time from over a year to under twelve months, on average. Goodlife now reaches 1.2 million unique customers annually, around half of whom are lower-income emerging consumers.

Redcliffe LabsRedcliffe Labs has rapidly expanded its network, growing from 666 collection centres in June 2022 to 1,814 by December 2024. Over the same period, the number of operational labs more than tripled from 25 to 78. LeapFrog has supported Redcliffe to be focused on quality, working with management to strengthen systems – resulting in over half of the company’s labs being NABL accredited – the highest standard in India. By the end of 2024, Redcliffe was processing over 70,000 tests daily—more than 50 every minute—with the majority conducted in Tier 2, 3 and 4 cities, extending affordable diagnostics to millions of underserved families.

LeapFrog’s financial services team focuses on expanding access to essential services such as savings, credit, pensions, remittances and insurance.

We partner with businesses that combine digital and physical distribution to reach underserved consumers. In the past 12 months, we have invested in education lender Auxilo and MSME lending pioneer Electronica, while supporting major milestones for companies such as Northern Arc and Fincare.

Company Spotlight: Fincare

LeapFrog has supported Fincare in its evolution from a microfinance institution into a high growth, technology-enabled inclusive bank with broad product offerings. Over the investment period, AUM, impact, and profitability have increased by 17x, 3x, and 4x, respectively. In April 2024, Fincare merged with AU Small Finance bank to create India’s largest inclusive bank, with a $6.3 billion market capitalisation.

Company Spotlight: Battery Smart

Battery Smart is India’s largest Battery-as-a-Service provider for two and three wheelers, empowering riders with convenient, low-carbon mobility. The company helps to reduce the upfront cost of an electric vehicle by as much as 40% - making clean, affordable transport more accessible for gig workers and everyday drivers across the country.

LeapFrog’s dedicated Climate Investment Strategy is focused on providing a low-carbon and climate resilient pathway to the middle class, as billions of emerging consumers and producers rise.

The investments we make support jobs, workers and businesses far beyond those directly employed or contracted through our portfolio companies. In the markets that we invest in, micro, small and medium enterprises (MSMEs) account for up to 70% of total employment. By providing access to finance for these enterprises, our portfolio companies catalyse further finance-enabling jobs. In 2022, we pledged at the Clinton Global Initiative to help our companies to finance or protect 25 million emerging enterprises that support 100 million jobs by 2030. By year-end 2024, our portfolio companies have reached 24 million MSMEs with loans and savings products, in turn, supporting 33 million jobs.

In 2024, LeapFrog’s Fund IV was recognised as a 2X Challenge Flagship Fund, one of a select few globally.

Launched by the G7 Development Finance Institutions, the 2X Challenge supports that empower women through leadership, quality jobs, and access to essential services.

The Fund’s investment in Electronica Finance exemplifies the 2X criteria – led by entrepreneur Shilpa Pophale and with 50% women on the board. Meanwhile, Redcliffe Labs designs and distributes several products specifically for women, including industry-leading testing for PCOS (polycystic ovary syndrome) and maternal health diagnostics. Sun King employs a workforce of over 40% women and has integrated gender-smart practices into their recruitment practices and career development programs.

With over 18 years experience investing in growth markets, our global team are uniquely positioned to uncover, understand and scale transformative businesses.