A91 Partners, floated by former Sequoia Capital’s managing directors VT Bharadwaj, Gautam Mago and Abhay Pandey, has pumped in $30 million in Ahmedabad-based pharma company La Renon.
According to an ET report, La Renon has recorded a five-fold jump in its valuation from $100 million to $500 million in the fresh round.
Five years ago, La Renon had picked up $16 million in its maiden funding round from Sequoia Capital. The healthcare company will use the fresh funds to strengthen its product portfolio, and research and development capabilities.
Following the round, A91 has acquired around 5-6% stake in La Renon. While Sequoia will continue to hold around 12.5% stake, the company’s founder and CEO Pankaj Singh has the remaining stake.
La Renon caters to nephrology, neurological disorders, urology, gastroenterology, respiratory and cardiometabolic. Besides India, the 12-year-old company has operations across Latin America, the Middle East, Africa and Southeast Asia. The company claims to have a 30% market share in the nephrology drug segment.
The company also revealed its financials for FY20 in which it recorded a gross sales of around Rs 800 crore and Ebitda of Rs 150 crore.
Focusing on early to growth-stage startups across consumer, healthcare, financial services, and technology sectors, A91 Partners had closed its maiden fund at $350 million in May 2019. The VC firm is also planning to roll out its second India-focused fund.
Last month, A91 Partners had led a Rs 70 crore Series B round in consumer appliance startup Atomberg Technologies. Previously, it backed Sugar Cosmetics, Paperboat, Aye Finance, Digit and Pushp. The investment of $20 million in Aye Finance was made through a secondary sale of shares in which the VC firm acquired the stake of the micro lender’s early backer Accion Venture Lab. As per media reports, A91 Partners provided 3X exit in return to Accion.