PE Fund Investments
Drugmaker La Renon gets Rs.160-Cr from Avendus Future Leaders Fund
Avendus Future Leaders Fund (FLF), through its newly launched Future Leaders Fund III, has taken a minority stake in Ahmedabad-based drugmaker La Renon Healthcare for INR 160 crore. Avendus FLF purchased the stake from two existing investors.Established in 2007 by Pankaj Singh, La Renon is a branded domestic formulations firm for chronic treatments, focusing on nephrology and scaling up in central nervous systems (CNS), gastroenterology, gynaecology and cardio-diabetology. It claims to have a nationwide footprint.In April last year, ChrysCapital had invested about INR 600 crore ($70 million) in La Renon Healthcare, valuing it at USD 800 million. ChrysCap acquired an about 8% stake from the promoter family in a secondary transaction.As of April 2024, promoter Pankaj Singh and family owned about 80% stake in the firm while Peak XV Partners (formerly Sequoia Capital India) owned 14% and A91 Partners owned a 6% stake. In FY24, La Renon posted a revenue of INR 1,400 crore and an Ebitda of INR 300 crore.
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